{"id":8932,"date":"2024-04-20T08:01:10","date_gmt":"2024-04-20T05:01:10","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=8932"},"modified":"2024-04-20T08:01:10","modified_gmt":"2024-04-20T05:01:10","slug":"biden-floats-tax-hikes-for-all-says-trump-cuts-will-stay-expired-if-re-elected-prompting-wh-walk-back","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=8932","title":{"rendered":"Biden floats tax hikes for all, says Trump cuts will \u2018stay expired\u2019 if re-elected \u2014 prompting WH walk-back"},"content":{"rendered":"<p>President Biden vowed Friday that\u00a0former President Donald Trump\u2019s 2017 tax cuts\u00a0would lapse next year if he\u2019s re-elected and \u201cstay expired\u201d \u2014 meaning higher taxes for middle class and low-income Americans \u2014 prompting a hasty walk-back by aides.<\/p>\n<p>Biden, 81, lambasted Trump\u2019s Tax Cuts and Jobs Act (TCJA), which permanently lowered corporate taxes from 35% to 21% and temporarily lowered personal income tax rates through 2025, as a giveaway to the rich in a speech to electrical union members in Washington.<\/p>\n<p>\u201c[Trump] was proud, very proud of his $2 trillion tax cut when he was president that overwhelmingly benefited the wealthy and the biggest corporations and exploded, exploded the federal debt,\u201d Biden said of his predecessor ahead of their expected November election rematch.<\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><button class=\"button button--modal-trigger\" aria-label=\"Open the image in a modal.\" data-modal-image=\"31749277\"><\/p>\n<p><\/button><figcaption>President Biden speaks at the International Brotherhood of Electrical Workers Construction and Maintenance Conference in Washington, DC, on Friday, April 19, 2024. <span class=\"credit\">Jim Lo Scalzo\/UPI\/Shutterstock<\/span><\/figcaption><\/figure>\n<p>\u201cThere is no exaggeration here: It\u2019s going to expire and if I\u2019m re-elected, it is going to stay expired,\u201d the president added.<\/p>\n<p>Biden\u2019s apparently off-the-cuff remark did not reflect a change in policy, the administration insisted to The Post.<\/p>\n<p>\t\tsaid in a blog post last month promoting a calculator tool that allows people to determine their own likely tax hike.<\/p>\n<p>If the Trump tax cuts are allowed to expire, the Tax Foundation found, a single person making $30,000 per year would pay $253.75 more in taxes in 2026, while one making $75,000 per year will be billed more than $1,700 more than they paid in 2025.<\/p>\n<p>A married couple with two children making $165,000 annually would pay $2,450.50 more than in the previous year, while a family with three kids pulling in $200,000 per year will shell out almost $7,500 more per year.<\/p>\n<figure class=\"wp-block-image aligncenter size-large\"><button class=\"button button--modal-trigger\" aria-label=\"Open the image in a modal.\" data-modal-image=\"31749322\"><\/p>\n<p><\/button><figcaption>Biden slammed Trump\u2019s Tax Cuts and Jobs Act, which permanently lowered corporate tax rates from 35% to 21%. <span class=\"credit\">Maansi Srivastava\/POOL\/EPA-EFE\/Shutterstock<\/span><\/figcaption><\/figure>\n<p>The top 1% of earners had their average federal income tax rate lowered from 26.8% to 25.4% under the law, according to the\u00a0Tax Foundation\u2019s review of IRS records. Democrats have noted that because that cohort earns more than lower-income people, the effect of the cuts was to save them much more money.<\/p>\n<p>But other groups also saw cuts \u2014 with those in the next-highest 4% of earners seeing rates drop from 19.5% to 17.3% and those in between the 10% and 5% benchmarks having their rates dip from 14.3% to 13.1%.<\/p>\n<p>Poorer people also had their taxes reduced, with the bottom 50% of filers having their rate lowered from 4% to 3.4%, according to the foundation\u2019s analysis.<\/p>\n<p>The quarter of Americans comprising the income group spanning the top 50% and 75% of earners had their taxes reduced from 8.1% to 6.9%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden vowed that former President Donald Trump&#8217;s 2017 tax cuts would lapse next year if he&#8217;s re-elected, resulting in higher taxes for middle-class and low-income Americans.<\/p>\n","protected":false},"author":6,"featured_media":8933,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,5800,6393,492,3348,5292,2542,1625,4498,4061,3399,5099,898,4117,166,1600,2459,2294,3398,4740,4924,187,5236,28,5679,4179,2628,3682,4833,4843,3360,1065,3358,4847,4222,4556,5680,1183,618,841,3519,4928],"class_list":["post-8932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-americans","tag-analysis","tag-biden","tag-change","tag-children","tag-conference","tag-construction","tag-corporate-tax","tag-corporate-tax-rates","tag-corporate-taxes","tag-corporations","tag-debt","tag-democrats","tag-donald-trump","tag-election","tag-family","tag-income","tag-income-tax","tag-income-tax-rate","tag-income-tax-rates","tag-international","tag-irs","tag-jobs","tag-law","tag-middle-class","tag-money","tag-personal-income-tax","tag-policy","tag-president","tag-president-biden","tag-tax","tag-tax-cuts","tag-tax-cuts-and-jobs-act","tag-tax-hikes","tag-tax-rate","tag-tax-rates","tag-taxes","tag-top","tag-trump","tag-washington","tag-wealthy"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- 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