The sweeping Trump-era tax cuts in the Tax Cuts and Jobs Act of 2017 are set to expire next year, setting up the tax debate as a potentially key political issue
FILE - Former President Donald Trump speaks at an America First Policy Institute agenda summit at the Marriott Marquis in Washington, July 26, 2022. are set to expire next year, setting up the tax debate as a potentially key political issue this election year .
The White House has said Americans paying over $400,000 will not pay more in taxes, but independent tax analyses have contradicted that claim. "President Biden said that if he was reelected, he would allow the Trump tax cuts to expire," Preston Brashers, an economist at the Heritage Foundation, told The Center Square. "This wouldn’t just break his pledge not to raise taxes on Americans earning less than $400,000, it would obliterate it. If Biden lets the Trump tax cuts expire, Americans earning less than $400,000 will be saddled with a tax hike of more than $2 trillion over 10 years.
Conservative economists usually argue that when more money is put in the hands of private citizens, it is used to create more wealth and jobs whereas money put into the hands of the government does not lead to the same level of wealth creation and growth, often lost to bureaucracy, waste, and poor spending choices.
Election Year Tax Cuts And Jobs Act Expire National Debt Economic Growth President Biden Tax Increase
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The Debate Over Trump Tax Cuts and Wealthy Americans' Tax ContributionsThe debate over the 2025 expiration of the Trump tax cuts highlights the issue of wealthy Americans paying a smaller share of their incomes in taxes. The Bush and Trump tax cuts are major contributors to the federal budget deficit.
Read more »
Exclusive—Nicole Wolter: Tax Day Emphasizes Need to Make the Trump Tax Cuts PermanentSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
Georgia governor signs income tax cuts as property tax measure heads to November ballotGeorgians will owe less in income taxes this year and will get a chance in November to vote to cap increases in how homes are valued for property taxes. Republican Gov. Brian Kemp on Thursday signed measures cutting income taxes by a projected $700 million on residents and businesses. The income tax cuts are retroactive to Jan. 1.
Read more »
Meaningful Tax Cuts the Best Tax ReliefCongress should not pass up the opportunity to deliver economic relief to families and small businesses. Doing the right thing will pay dividends in November for the Republican members in the House who supported this tax deal. Republican senators need to follow suit.
Read more »
Trump eyes middle-class tax cuts if he returns to White House — reportTax cut talks are relatively informal and are broadly aimed at middle class rather than at households earning below a specific income level, Reuters reports, citing sources.
Read more »
Biden vows to let Trump-era tax cuts expire next year, meaning higher rates for millionsA 2017 tax overhaul passed by former President Donald Trump expires at the end of 2025, setting up a potential tax shock for millions of U.S. households.
Read more »