Tax Day reveals a major split in how Joe Biden and Donald Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
FILE - A sign outside the Internal Revenue Service building is seen, May 4, 2021, in Washington. FILE - Republican presidential candidate former President Donald Trump arrives on his plane, April 10, 2024, in Atlanta. Tax Day reveals a major split in how President Joe Biden and Trump would govern: The presidential candidates have conflicting ideas about how much to reveal about their own finances and the best ways to boost the economy through tax policy.
The split goes beyond an ideological difference to a very real challenge for whoever triumphs in the November election. At the end of 2025,that Trump signed into law in 2017 will expire — setting up an avalanche of choices about how much people across the income spectrum should pay as the national debt is expected to climb to unprecedented levels.
“It added more to the national debt than any presidential term in history,” Biden continued. “And it’s due to expire next year. And guess what? I hope to be president because it expires — it’s going to stay expired.” Most economists say Trump’s tax cuts could not generate enough growth to pay down the national debt. An analysis released Friday by Oxford Economics found that a “full-blown Trump” policy with tax cuts, higher tariffs and blocking immigration would slow growth and increase inflation.
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