Trump has asked wealthy donors or donations, promising large tax breaks in return if he retakes the White House.
President Biden gives remarks on the child tax credit at the Eisenhower Executive Office Building on July 15, 2021. Republicans in Congress are preparing to not just extend former president Donald Trump’s 2017 tax cuts if they win control of Washington in November’s elections, but also lower rates even more for corporations, laying the early groundwork for a ferocious debate over taxes and spending next year and beyond.
President Biden and congressional Democrats have signaled they’ll draw a sharp contrast with the GOP on taxes in campaigns this year.Biden promises to raise taxes on the wealthiest individuals and corporations, allowing the Trump tax law’s individual rate cuts to expire and pushing for legislation with taxes on businesses to pay for new investments in child and elder care, affordable housing and education. Extending all of the Trump tax law would add $4.
Biden and Democrats counter that cutting taxes for businesses would reward the groups and executives they have blamed for persistent inflation, and that increasing corporate taxes would begin to wrest back wealth that the richest Americans accumulated during the pandemic’s economic shocks.
“When President Trump is back in the White House, he will advocate for more tax cuts for all Americans and reinvigorate America’s energy industry to bring down inflation, lower the cost of living and pay down our debt,” she said in a statement.
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