{"id":11386,"date":"2024-05-11T09:01:04","date_gmt":"2024-05-11T06:01:04","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=11386"},"modified":"2024-05-11T09:01:04","modified_gmt":"2024-05-11T06:01:04","slug":"biden-plans-for-higher-taxes-on-the-ultra-wealthy-and-corporations-to-extend-middle-class-tax-breaks","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=11386","title":{"rendered":"Biden plans for higher taxes on the ultra-wealthy and corporations to extend middle-class tax breaks"},"content":{"rendered":"<p><span class=\"HighlightShare-hidden\" style=\"top:0;left:0\"><\/span>Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on January 11, 2024.Drew Angerer | Getty ImagesPresident Joe Biden&#8217;s top economic advisor on Friday laid out plans for the country&#8217;s looming debate over trillions in expiring tax breaks enacted by former President Donald Trump.Several provisions from the Tax Cuts and Jobs Act, or TCJA, of 2017 will expire after 2025 without any changes from Congress. Those include lower federal income tax brackets, a higher standard deduction and doubled estate and gift tax exemption, among others.The Republicans&#8217; signature tax package also permanently reduced corporate taxes by dropping the top federal rate from 35% to 21%.<strong>More from Personal Finance:<\/strong><br \/>Interest rates on federal student loans may increase by 1 percentage point<br \/>IRS: Time to claim $1 billion in tax refunds from 2020 expires May 17<br \/>New grads may have a harder time landing their dream job&#8221;It&#8217;s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks,&#8221; White House national economic advisor Lael Brainard said Friday during a speech to The Hamilton Project at the Brookings Institution.<\/p>\n<blockquote data-test=\"Pullquote\"><p><span class=\"Pullquote-quotemark1\"><\/span><span class=\"Pullquote-quotemark2\"><\/span>It&#8217;s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks.Lael BrainardWhite House national economic advisor<\/p><\/blockquote>\n<p>The multitrillion dollar tax battle comes amid the ongoing debate over the national debt, and extending the TCJA tax breaks would boost the budget deficit, according to the Congressional Budget Office.Trump and other Republicans have pushed for a full extension of expiring TCJA tax breaks, which could add an estimated $4.6 trillion to the deficit over the next decade, according to a Congressional Budget Office report released this week.<\/p>\n<h2 class=\"ArticleBody-subtitle\">&#8216;The stakes could not be higher&#8217;<\/h2>\n<p>&#8220;As we approach the tax debate next year, the stakes could not be higher for the fairness of our tax system and our nation&#8217;s fiscal future,&#8221; Brainard said.Renewing Biden&#8217;s pledge for &#8220;tax fairness,&#8221; she said the administration aims to extend expiring TCJA provisions for middle-class Americans. Those extensions would be funded by raising taxes on the ultra-wealthy and corporations.Brainard said the original legislation primarily benefited the wealthiest Americans and &#8220;the trickle-down never happened.&#8221;&#8221;Achieving a fairer tax system also means we can&#8217;t extend expiring Trump tax cuts for those with incomes above $400,000,&#8221; she added.The administration also wants to quadruple the tax on stock buybacks and add a 25% minimum income tax for billionaires, Brainard said.Meanwhile, House Republicans have assembled teams to study and propose solutions to address the upcoming 2025 tax cliff.&#8221;If the 2017 Trump tax cuts expire an average family of four earning $75,000 would see their taxes increase by $1,500 a year,&#8221; House Ways and Means Committee Chairman Jason Smith, R-Mo., said in an April press release.<\/p>\n<h2 class=\"RelatedContent-header\">Don\u2019t miss these exclusives from CNBC PRO<\/h2>\n<ul>\n<li>Most of Warren Buffett&#8217;s stock portfolio is tied up in just 5 stocks. Here&#8217;s what they are\u00a0<\/li>\n<li>Bank of America says this shoe stock is an inflation winner and you should buy it before earnings<em>\u00a0<\/em><\/li>\n<li>These are Morgan Stanley&#8217;s top picks into quarterly earnings<\/li>\n<li>Tesla price cuts could backfire, fund manager says, warning of a &#8216;huge demand problem&#8217; on the horizon<\/li>\n<li>Gundlach sees one rate cut this year as Fed keeps up inflation fight<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217; 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&#8217;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.<\/p>\n","protected":false},"author":6,"featured_media":11387,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,5800,8625,1902,492,4461,1766,5663,1240,2493,5702,2577,6196,4498,8749,3399,5099,898,4893,260,166,641,7726,1873,2459,988,569,4081,5935,9092,9046,6604,2294,3398,1823,67,6447,899,1401,28,756,2685,4074,4842,4593,5821,2629,4843,5838,7313,4753,9496,5051,375,7350,1354,8183,4620,1005,7558,4291,6958,1065,4505,3358,4847,9548,5488,5681,1183,9563,4592,618,841,8514,5129,3519,4928,457,165],"class_list":["post-11386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-americans","tag-april","tag-bank","tag-biden","tag-billionaires","tag-budget","tag-chairman","tag-clear","tag-cliff","tag-committee","tag-concerns","tag-congress","tag-corporate-tax","tag-corporate-tax-breaks","tag-corporate-taxes","tag-corporations","tag-debt","tag-demand","tag-dollar","tag-donald-trump","tag-earnings","tag-extension","tag-fairness","tag-family","tag-fight","tag-finance","tag-future","tag-gift","tag-higher-taxes","tag-house","tag-house-republicans","tag-income","tag-income-tax","tag-increase","tag-inflation","tag-inflation-fight","tag-interest","tag-interest-rates","tag-jobs","tag-joe-biden","tag-legislation","tag-loans","tag-national-debt","tag-office","tag-package","tag-personal-finance","tag-president","tag-price","tag-price-cuts","tag-project","tag-quarterly","tag-raising-taxes","tag-rate-cut","tag-refunds","tag-release","tag-released","tag-report","tag-republicans","tag-speech","tag-stock-buybacks","tag-student","tag-tax","tag-tax-breaks","tag-tax-cuts","tag-tax-cuts-and-jobs-act","tag-tax-debate","tag-tax-fairness","tag-tax-system","tag-taxes","tag-tcja","tag-teams","tag-top","tag-trump","tag-trump-tax-cuts","tag-warning","tag-washington","tag-wealthy","tag-white","tag-white-house"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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