raising taxes

Would Biden Really Scrap The TCJA? Would That Raise Everyone’s Taxes?

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Would Biden Really Scrap The TCJA? Would That Raise Everyone’s Taxes?

President Biden posted on social media that he plans to let the individual provisions of the 2017 Tax Cuts and Jobs Act expire at the end of 2025, leading to criticism and accusations of tax hikes for all. However, Biden’s budget includes ways to revise the TCJA without raising taxes for all households, potentially cutting taxes for some and raising them for others. Biden has promised not to raise taxes for those making 0,000 or less, but it remains unclear if this includes corporate taxes. Biden’s plan to revise the TCJA while retaining some key features has led to debates on whether he is scrapping the law or simply rewriting parts of it. The tax law is constantly evolving, and major changes are not binary exercises, with some provisions surviving while others are remade. Biden’s plan to let the TCJA expire in name is seen as an attempt to move away from Trump’s tax policies, which were unpopular with the public.

Biden Tax Increases Won’t Hit Middle Class, Yellen Says

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Biden Tax Increases Won’t Hit Middle Class, Yellen Says

Republicans pressed Treasury Secretary Janet Yellen on President Biden’s tax proposals and the fate of the Trump tax cuts that will expire in 2025.

Democrats Should Stop Pushing a Higher Corporate Tax Rate

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Democrats Should Stop Pushing a Higher Corporate Tax Rate

President Biden and Senator Bernie Sanders are advocating for raising the corporate tax rate to help working families, but economic research shows that this would actually harm working people. Studies have shown that a higher corporate tax rate leads to lower wages, higher prices, and reduced retirement savings for everyday Americans. The 2017 tax cuts resulted in benefits for working people, including lower unemployment rates and increased wages. Increasing the corporate tax rate would also lead to higher taxes on pensions and retirement savings for many Americans. Experts agree that raising the corporate tax rate is the most economically harmful tax increase, hurting investment, growth, productivity, workers, consumers, and savers.

President Biden’s Budget Calls for Raising $4.3 Trillion in Revenues Over Ten Years — Here’s How

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President Biden’s Budget Calls for Raising $4.3 Trillion in Revenues Over Ten Years — Here’s How

The Biden Administration released a budget proposal for the 2025 fiscal year that includes tax proposals generating .3 trillion over the next decade. The most significant proposals include increasing taxes on corporations and high-income taxpayers.

Corporate Taxes And Public Transportation: Debate Rages In New Jersey

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Corporate Taxes And Public Transportation: Debate Rages In New Jersey

New Jersey is considering raising taxes on businesses that earn more than million per year to create a dedicated funding source for NJ Transit, which is facing a financial shortfall. Business lobbyist groups are pushing against the proposal, arguing that it could lead to companies leaving the state or making investments elsewhere. Advocates for the tax increase argue that it would only apply to the top 1 percent of corporate filers and that these companies have benefited from tax cuts in the past.

The year 2025 is the ‘Super Bowl of tax,’ says Rep. Blake Moore. Will your taxes go up?

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The year 2025 is the 'Super Bowl of tax,' says Rep. Blake Moore. Will your taxes go up?

In 2020, Rep. Blake Moore visited Nucor, a steel and recycling manufacturing plant in northern Utah, where he learned about the positive impact of the Trump-era Tax Cuts and Jobs Act of 2017 on the business. The tax cuts led to real wage growth and reinvestment in the community, such as Nucor buying ambulances for the local community. Moore believes that low corporate taxes benefit everyone and is pushing to increase deductions for small businesses. He anticipates that significant changes in tax policy may occur in 2025, depending on the outcome of elections and government control.

The Bidens Dodge Medicare And Social Security Taxes — Again

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The Bidens Dodge Medicare And Social Security Taxes — Again

President Biden and his wife Jill released their income tax returns on Tax Day, revealing that they avoided over 3,000 in payroll taxes since 2017 by characterizing their earnings as corporate profits rather than wages. They also claimed ,254 in Social Security benefits in 2023, despite not needing the income due to their wealth. Additionally, the Bidens had to pay 5 in penalties to the IRS for underpaying their taxes due to the complexity of the tax code.

Federal budget to include tax hikes for wealthiest Canadians, some corporations

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Federal budget to include tax hikes for wealthiest Canadians, some corporations

The federal government will make tax changes in Tuesday’s budget aimed at raising more revenue from wealthy Canadians and certain corporations.

Opinion: New taxes would be a mistake. Freeland is still likely to hike levies on corporations and the wealthy

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Opinion: New taxes would be a mistake. Freeland is still likely to hike levies on corporations and the wealthy

Chrystia Freeland is likely to raise taxes on the country’s largest companies and wealthiest citizens in the upcoming budget to increase government revenues and pay for new programs.

New Jersey Governor Phil Murphy Betrays No Tax Increase Promise, Returns to Tax-and-Spend Ways – Americans for Tax Reform

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New Jersey Governor Phil Murphy Betrays No Tax Increase Promise, Returns to Tax-and-Spend Ways - Americans for Tax Reform

New Jersey Governor Phil Murphy’s budget proposal includes record spending and a return to pushing tax hikes. The proposal also involves reinstating a corporate tax surcharge, implementing a truck traffic excise fee, and diverting funds from a debt relief account. Despite promises not to raise taxes, the governor’s budget would still face a structural deficit. Governor Murphy’s first term also featured growing budgets and annual tax hikes.