Tax hikes, not cuts, may be needed during the next presidential administration to deal with massive amounts of debt neither party can control.
, who are slugging it out in the 2024 presidential election. Biden wants to raise taxes on businesses and the wealthy, while Trump wants to cut those taxes.
That 10-year forecast is based on the assumption that all the Trump tax cuts expire at the end of 2025, as scheduled. If Congress renews some or all of them, it will only add to annual deficits, making the long-term debt load even larger. “Whoever wins , those massive deficits are likely to make what will be a difficult 2025 fiscal debate even more challenging,” Howard Gleckman of the Tax Policy Institute
Other budget squeezes are rapidly approaching. Medicare and Social Security may be on the brink of insolvency by the time the next president’s term ends. That alone will require belt-tightening at some point relatively soon.
President Joe Biden Tax Cuts Congress Income Tax 2017 Tax Cuts The National Debt Congressional Budget Office Republicans
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