WASHINGTON (AP) — The Biden White House wants voters to know about its differences with Republicans over taxes, with a top aide making the case for higher...
Lael Brainard , director of the White House National Economic Council, will deliver remarks at the Brookings Institution on Friday that get at the major tax challenge for whoever wins the November presidential election.signed into law by then-President Donald Trump are set to expire after next year. If all the tax cuts expire, the vast majority of U.S. households would see their payments to the IRS increase. But if all the tax cuts are extended, another $4.
Trump's 2017 overhaul cut the corporate tax rate to 21%, intending to make it more competitive internationally. The law also temporarily cut the income taxes paid by most U.S. households, in part by trimming marginal tax rates and increasing the standard deduction. “Biden wants to raise taxes on top of that and raise business taxes, which will lead to the destruction of your jobs and, you know what, ultimately it’s just going to lead to the destruction of the country,” Trump said.
In a report Wednesday, the Congressional Budget Office estimated that extending all the cuts would add an additional $4.6 trillion to budget deficits through 2034. That sum includes the additional interest being paid from the higher national debt. Republicans could also face a problem in continuing the 2017 tax cuts without putting the government's finances in worse shape.
Joe Biden Lael Brainard Tax Cuts Tax Increases Congressional Budget Office Tax Increase Income Tax White House 2017 Tax Cuts
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