PRESIDENT BIDEN’S TENURE WAS DEFINED BY SKYROCKETING PRICES. UNDER REPUBLICAN GOVERNANCE, INFLATION IS SUBSIDING.
- “Nearly four years ago, the Biden administration and Congressional Democrats made a $1.9 trillion bet in the form of the American Rescue Plan. They lost, as it contributed to a surge in inflation that fueled massive voter discontent and Donald Trump’s return to the White House.” (Axios: Democrats’ $1.9 trillion bet that blew up – 11/10/24)
- During President Biden’s tenure:
- All prices rose an average of 20.65%.
- Grocery prices, measured as “food at home,” increased by 22.32%.
- Energy prices increased by 30.54%.
- Gasoline prices increased by 30.50%.
- Electricity prices increased by 28.55%.
- Natural gas prices increased by 33.30%.
- Rent prices increased by 24.19%.
- Car repair and maintenance prices increased by 34.33%. (U.S. Bureau of Labor Statistics: Consumer Price Index – January 2021 – 2/10/21; U.S. Bureau of Labor Statistics: Consumer Price Index – December 2024 – 1/15/25)
- Under Republican leadership, inflation is tempering: “Annual inflation slowed in January, falling more than economists expected, helped by declining prices for gasoline and used vehicles.” (The Wall Street Journal: Inflation Slowed to 2.4% in January, Helped by Lower Gasoline Prices – 2/13/26)
- “The consumer price index for January accelerated 2.4% from the same time a year ago… the Bureau of Labor Statistics reported Friday.” (CNBC: Consumer prices rose 2.4% annually in January, less than expected – 2/13/26)
- “Cooler price increases overall are positive news for the economy.” (The Wall Street Journal: Inflation Slowed to 2.4% in January, Helped by Lower Gasoline Prices – 2/13/26)
- “Meanwhile, Americans are getting some relief when fueling up their cars and trucks, and electricity prices also edged slightly lower last month.” (The Wall Street Journal: Inflation Slowed to 2.4% in January, Helped by Lower Gasoline Prices – 2/13/26)
- “Many economists expect inflation to ease gradually in 2026, as indications mount that price pressures are abating. Companies such as PepsiCo and General Mills have said they are reducing some of their grocery prices to entice budget-conscious consumers, a sign that demand might now be too tepid for businesses to pass along higher costs.” (The Wall Street Journal: Inflation Slowed to 2.4% in January, Helped by Lower Gasoline Prices – 2/13/26)
REPUBLICANS PASSED THE WORKING FAMILIES TAX CUTS TO BUILD ON THE 2017 TAX CUTS AND JOBS ACT’S SUCCESS AND PUT MORE MONEY IN AMERICANS’ POCKETS
- “Congress made a bevy of tax changes for 2025 – e.g., offering a new tax break on car loan interest, a portion of tips and overtime pay; and a $200 increase per child in the child tax credit, etc.” (CNN: Why federal tax refunds may be bigger than usual – 1/26/26)
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- “A larger standard deduction: The standard deduction is taken by the vast majority of filers. Congress boosted it by $750, to $15,750 for single filers; and by $1,500, to $31,500 for married couples filing jointly.” (CNN: Why federal tax refunds may be bigger than usual – 1/26/26)
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- “Americans 65 and older who pay taxes on Social Security income can claim a new $6,000 federal deduction, available through the 2028 tax year. Married couples where both spouses qualify can deduct up to $12,000.” (Axios: IRS tax season is here — and new rules could affect refunds – 1/26/26)
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- “Eligible workers can deduct qualified overtime pay, capped at $12,500 per return ($25,000 for joint filers), with the benefit phasing out at higher incomes.” (Axios: IRS tax season is here — and new rules could affect refunds – 1/26/26)
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- “The law temporarily eliminates federal income taxes on tips, allowing tipped workers to deduct up to $25,000 a year, and interest paid on qualifying car loans.” (Axios: IRS tax season is here — and new rules could affect refunds – 1/26/26)
- Thanks to Republicans preventing a tax increase on the American people of over $4 trillion, tax filers in every income bracket will see lower rates:
- “A single adult with two kids, making $40,000: Tax cut of $2,010”
- “A married couple filing jointly, with two kids, making $85,000: Tax cut of $2,425”
- “A married couple filing jointly, with three kids, making $110,000: Tax cut of $3,580” (U.S. Senate Committee on Finance: Working Families Tax Cuts – accessed 2/20/26; U.S. Senate Committee on Finance: Working Families Tax Cuts Bring Bigger Paychecks – 1/16/26; Tax Foundation: 2026 Tax Calculator: How the One Big Beautiful Bill Act’s Tax Changes Will Affect You – 10/1/25)
- The Working Families Tax Cuts created new opportunities for workers, including no tax on tips and no tax on overtime:
- “A single adult, making $30,000, of which $10,000 are qualified tips: Tax cut of $1,462”
- “A single adult, making $75,000, of which $10,000 is qualified overtime: Tax cut of $4,192” (U.S. Senate Committee on Finance: Working Families Tax Cuts Bring Bigger Paychecks – 1/16/26; Tax Foundation: 2026 Tax Calculator: How the One Big Beautiful Bill Act’s Tax Changes Will Affect You – 10/1/25)
- “According to a distributional analysis from the nonpartisan Joint Committee on Taxation (JCT)—which previously estimated the tax bill provides more than $600 billion in new tax relief to middle-class households—the largest proportional tax benefits go to workers and families making less than $50,000.” (U.S. Senate Committee on Finance: One Big Beautiful Bill: New Tax Relief Overwhelmingly Benefits Working Class – 7/1/25)
AND THANKS TO THE WORKING FAMILIES TAX CUTS, AMERICANS ARE GETTING HIGHER TAX REFUNDS THIS YEAR
- “When taxpayers file their 2025 tax returns in 2026, many will see larger refunds than in recent years. That’s due to the One Big Beautiful Bill Act (OBBBA), which reduced individual income taxes for 2025 by an estimated $129 billion.” (Tax Foundation: Tax Refunds and the One Big Beautiful Bill Act – 1/15/26)
- “Early tax filers are enjoying bigger refunds compared to the same time last year, according to the latest figures from the Internal Revenue Service.” (CBS News: Average tax refund is nearly 11% higher so far this year, IRS data shows – 2/16/26)
- “As of Feb. 6, 2026, tax refunds averaged $2,290, up nearly 11% from the same point last year. ‘Average refund amounts are strong,’ the IRS said in a statement last week.” (CBS News: Average tax refund is nearly 11% higher so far this year, IRS data shows – 2/16/26)
- “The agency said it expects refund numbers to be higher when it posts an update on Feb. 27. That’s because by that point, the agency will have processed some of the refunds of Americans who claimed the Earned Income Tax Credit and Additional Child Tax Credit, refundable tax credits designed for low- to moderate-income working families.” (CBS News: Average tax refund is nearly 11% higher so far this year, IRS data shows – 2/16/26)
- “But because the IRS did not adjust withholding tables after the law passed, workers generally continued to withhold more taxes from their paychecks than the new law required. As a result, instead of gradually receiving the benefit of the tax cuts through higher take-home pay during the year, most taxpayers will receive it all at once when they file their returns.” (Tax Foundation: Tax Refunds and the One Big Beautiful Bill Act – 1/15/26)