Biden has boasted about Trump's tax rates expiring... but a new calculator ... trends now
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President Biden has vowed to let provisions of the tax law passed under then-President Donald Trump expire, but a new analysis shows if it expires, just about everyone will see their taxes go up.
Biden and lawmakers are in a heated debate over what to do with the provisions in the 2017 law expire as slated next year.
Some lawmakers including many Republicans want to see most of the provisions extended while many Democrats want to see only some of them extended or modified.
'Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,' Biden wrote in a post on X. 'That tax cut is going to expire. If I’m reelected, it’s going to stay expired.'
Pres. Biden speaking about the tax code during a campaign stop in Scranton, PA on April 16
While the Tax Cuts and Jobs Act included some major provisions that benefited the wealthiest Americans, it also simplified the individual income taxes and reduced tax rates across the board which will expire.
If Congress does nothing, most Americans well face higher taxes and a more complicated tax system starting in 2026, the right-leaning Tax
