Biden’s tax plan

Here’s what the economy could look like with a Biden or Trump presidency

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Here's what the economy could look like with a Biden or Trump presidency

The text discusses the potential impact of a Biden or Trump presidency on the US economy. The analysis covers eight major economic categories, including domestic manufacturing, higher education, healthcare, housing, labor, taxes, tariffs, and trade. Biden and Trump have different plans and approaches to these economic categories based on their past records as president and their campaign promises. Biden focuses on issues like lowering prescription drug costs, investing in the future, supporting workers and small businesses, and ensuring fair taxation. Trump, on the other hand, has proposed plans such as protecting American car manufacturers, imposing tariffs on foreign-made cars, and focusing on fossil fuels. The text also highlights the differences in their views on student loan debt, healthcare, housing costs, labor unions, taxes, tariffs, and trade policies.

Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire

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Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire

The winner of November’s presidential election will face a challenge with the expiration of nearly trillion in tax cuts next year. Biden’s White House is highlighting the issue and emphasizing differences with Republicans over taxes. Biden wants to raise taxes on corporations and the ultra-wealthy to support the middle class. Trump argues that tax increases would harm the economy. The 2017 tax cuts failed to deliver the promised growth. Biden wants to extend middle-class tax cuts while raising taxes on profitable companies and the richest Americans. Trump believes growth comes from choices made by companies and wealthy investors, while Biden believes it comes from spending and saving by middle-class households. Extending all of Trump’s tax cuts would add .6 trillion to budget deficits through 2034. Biden’s plan does not include the cost of extending tax cuts for those making under 0,000. Republicans may need to consider spending cuts to address the higher debt load from extending tax cuts.

White House begins push for corporate tax hike in earnest

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White House begins push for corporate tax hike in earnest

Fact: Lael Brainard, director of the White House National Economic Council, stated that President Biden is considering raising the corporate tax rate and increasing the federal tax on stock buybacks if he wins a second term.

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.