Biden plans for higher taxes on the ultra-wealthy and corporations to extend middle-class tax breaks
Director of the National Economic Council Lael Brainard spoke at the White House about the upcoming debate over trillions in expiring tax breaks enacted by former President Donald Trump. Several provisions from the Tax Cuts and Jobs Act of 2017 will expire after 2025 without changes from Congress, including lower federal income tax brackets, a higher standard deduction, and doubled estate and gift tax exemption. The Republicans’ tax package also permanently reduced corporate taxes. Brainard emphasized the need to end tax breaks for the ultra-wealthy and scale back costly corporate tax breaks. The debate over extending the tax breaks comes amid concerns about the national debt. Biden’s administration aims to extend provisions for middle-class Americans funded by raising taxes on the ultra-wealthy and corporations. House Republicans are studying solutions to address the upcoming tax cliff in 2025.
