President Joe Biden signaled on Wednesday that if he wins re-election this fall that Americans should expect to see an increase in their taxes, which comes as many are struggling from the high inflation rates that have defined Biden’s presidency.
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden claimed in a post on X. “That tax cut is going to expire. If I’m re-elected, it’s going to stay expired.”
A report from the Tax Foundation last month explained that Congress has less than two years to prevent “the vast majority” of Americans from getting hit with tax hikes.
The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017, a law that simplified taxes and reduced taxes “across the income spectrum,” the report said.
“The TCJA reduced average tax rates for taxpayers at all income levels because it lowered marginal tax rates, widened tax brackets, doubled the child tax credit and zeroed out personal and dependent exemptions, nearly doubled the standard deduction, and limited several itemized deductions and the alternative minimum tax, among other changes,” the report added. “Average rates declined across all income groups and have remained below their 2017 levels since.”
Biden’s willingness to let the law expire flies in the face of his previous pledge to not raise taxes on those who earn less than $400,000 per year.
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“Biden just endorsed a $2 trillion tax hike on earners under $400k (breaking his no-new-taxes pledge for such earners), and and endorsed cutting the child credit down to $1,000,” said Manhattan Institute Senior Fellow Brian Riedl. “The White House wants it every way on the TCJA: 1) They demand to end the ‘Trump tax cuts’ – and write a budget claiming all the deficit savings from full expiration, but then also: 2) Pledge to extend for the bottom 98%, which costs $2 trillion over the decade.”
