CV NEWS FEED \/\/ President Joe Biden stated Tuesday that if he is reelected, he will allow former President Donald Trump\u2019s comprehensive tax cuts to expire without renewing them.\u00a0<\/p>\n
Observers pointed out that this would inevitably cause middle-class and working-class families to pay more in what is already a difficult economy.<\/p>\n
\u201cDonald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,\u201d Biden wrote on X (formerly Twitter) Tuesday night.<\/p>\n
\u201cThat tax cut is going to expire,\u201d he added. \u201cIf I\u2019m reelected, it\u2019s going to stay expired.\u201d<\/p>\n
The 2017 Tax Cuts and Jobs Act (TCJA), popularly known as the \u201cTrump tax cuts,\u201d is set to expire at the end of 2025.<\/p>\n
Although Biden and many others on the left charge that the package primarily helped large corporations and the so-called \u201ctop 1%\u201d richest Americans, many tax policy experts have challenged this claim.<\/p>\n Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt.That tax cut is going to expire. If I\u2019m reelected, it\u2019s going to stay expired.\u2014 Joe Biden (@JoeBiden) April 23, 2024<\/p><\/blockquote>\n<\/figure>\n According to the nonpartisan think tank, the Tax Foundation, \u201c[u]nless Congress acts\u201d to extend the TCJA, \u201cAmericans are in for a tax hike in 2026.\u201d<\/p>\n \u201cIn addition to business tax cuts and changes to the international tax system, [TCJA] overhauled the individual income tax code, cutting taxes for all income groups on average,\u201d Tax Foundation Editor Noah Peterson explained in an article written at the end of last year.<\/p>\n \u201cBut these cuts are set to expire after the end of 2025, sticking most of us with a larger tax bill,\u201d Peterson added.<\/p>\n \u201cThe TCJA reduced most of the seven individual income tax rates, widened brackets, and doubled the standard deduction, among other things that were beneficial for individual taxpayers,\u201d he went on:<\/p>\n \nDecades of economic research show that high marginal income tax rates create disincentives to work, save, and invest. This makes income taxes the second most harmful tax type to economic growth, behind corporate taxes.\n<\/p><\/blockquote>\n Economic growth may seem like a distant concept, but the impact on you is real. Individual income tax increases mean less money in your pocket and a weaker economy.<\/p>\n >> RELATED: PROPOSED TAX RELIEF BILL IS PRO-LIFE AND PRO-FAMILY <\/p>\n Peterson indicated that if instead, Congress acts to make the Trump tax cuts permanent, \u201cthe economy would grow, employment would increase, and incomes would rise.\u201d<\/p>\n On Tax Day 2019, less than two years after Trump signed the TCJA, the Trump White House cited a slew of statistics showing how the tax cuts were specifically helping middle-class families.<\/p>\n \u201c[The TCJA] cut taxes for the middle class and boosted the Child Tax Credit to provide a helping hand to American families,\u201d the Trump administration stated at the time.\u00a0<\/p>\n The administration specified that the legislation \u201cdoubled the Child Tax Credit from $1,000 to $2,000 per child and made the credit available to more middle-income families.\u201d<\/p>\n The Trump White House also specified that \u201cnearly 60 percent\u201d of the TCJA\u2019s gross tax cuts goes to families.\u00a0<\/p>\n Furthermore, the \u201cTCJA nearly doubled the standard deduction, allowing middle-income families to exempt more of their income from taxes,\u201d the administration noted.<\/p>\n On top of this, the Trump White House also described how the tax cuts expanded school choice: \u201cFamilies can now use 529 Savings Accounts to pay for qualified elementary and secondary education expenses, helping to increase their options for their children\u2019s education.\u201d<\/p>\n In response to the current president\u2019s announcement that he would allow these tax cuts to expire, CatholicVote Director of Government Affairs Tom McClusky stated, \u201cJoe Biden seeks to attack the family through any means possible \u2013 in this case bankrupting them with taxes.\u201d<\/p>\n \u201cHis policies continue to target the middle class and people with large families for elimination,\u201d McClusky added.<\/p>\n President Joe Biden stated that if he is reelected, he will allow former President Donald Trump\u2019s comprehensive tax cuts to expire without renewing them.<\/p>\n","protected":false},"author":6,"featured_media":9959,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[1521,6332,5800,5936,383,492,3492,186,6765,5292,6196,3399,5099,8099,898,166,645,8139,26,405,27,3644,5596,2459,415,3767,7905,2294,3398,4924,4773,1823,187,28,756,4770,2685,4179,8180,2628,3331,5821,4833,4843,1670,6074,3396,433,3814,1065,6860,3358,4847,6544,3359,4918,5680,7299,5681,1183,7191,618,841,169,380,4928,457,165],"class_list":["post-9958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-other","tag-1521","tag-2017-tax-cuts-and-jobs-act","tag-americans","tag-article","tag-attack","tag-biden","tag-bill","tag-business","tag-business-tax","tag-children","tag-congress","tag-corporate-taxes","tag-corporations","tag-credit","tag-debt","tag-donald-trump","tag-economic-growth","tag-economic-research","tag-economy","tag-education","tag-employment","tag-expenses","tag-families","tag-family","tag-government","tag-growth","tag-impact","tag-income","tag-income-tax","tag-income-tax-rates","tag-income-taxes","tag-increase","tag-international","tag-jobs","tag-joe-biden","tag-large-corporations","tag-legislation","tag-middle-class","tag-middle-class-families","tag-money","tag-news","tag-package","tag-policy","tag-president","tag-president-joe-biden","tag-research","tag-richest-americans","tag-school","tag-statistics","tag-tax","tag-tax-bill","tag-tax-cuts","tag-tax-cuts-and-jobs-act","tag-tax-day","tag-tax-increases","tag-tax-policy","tag-tax-rates","tag-tax-relief","tag-tax-system","tag-taxes","tag-taxpayers","tag-top","tag-trump","tag-twitter","tag-us","tag-wealthy","tag-white","tag-white-house"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"\n