CV NEWS FEED // President Joe Biden stated Tuesday that if he is reelected, he will allow former President Donald Trump’s comprehensive tax cuts to expire without renewing them.
Observers pointed out that this would inevitably cause middle-class and working-class families to pay more in what is already a difficult economy.
“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 wrote on X (formerly Twitter) Tuesday night.
“That tax cut is going to expire,” he added. “If I’m reelected, it’s going to stay expired.”
The 2017 Tax Cuts and Jobs Act (TCJA), popularly known as the “Trump tax cuts,” is set to expire at the end of 2025.
Although Biden and many others on the left charge that the package primarily helped large corporations and the so-called “top 1%” richest Americans, many tax policy experts have challenged this claim.
According to the nonpartisan think tank, the Tax Foundation, “[u]nless Congress acts” to extend the TCJA, “Americans are in for a tax hike in 2026.”
“In 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,” Tax Foundation Editor Noah Peterson explained in an article written at the end of last year.
“But these cuts are set to expire after the end of 2025, sticking most of us with a larger tax bill,” Peterson added.
“The 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,” he went on:
Decades 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.
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.
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Peterson indicated that if instead, Congress acts to make the Trump tax cuts permanent, “the economy would grow, employment would increase, and incomes would rise.”
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.
“[The TCJA] cut taxes for the middle class and boosted the Child Tax Credit to provide a helping hand to American families,” the Trump administration stated at the time.
The administration specified that the legislation “doubled the Child Tax Credit from $1,000 to $2,000 per child and made the credit available to more middle-income families.”
The Trump White House also specified that “nearly 60 percent” of the TCJA’s gross tax cuts goes to families.
Furthermore, the “TCJA nearly doubled the standard deduction, allowing middle-income families to exempt more of their income from taxes,” the administration noted.
On top of this, the Trump White House also described how the tax cuts expanded school choice: “Families can now use 529 Savings Accounts to pay for qualified elementary and secondary education expenses, helping to increase their options for their children’s education.”
In response to the current president’s announcement that he would allow these tax cuts to expire, CatholicVote Director of Government Affairs Tom McClusky stated, “Joe Biden seeks to attack the family through any means possible – in this case bankrupting them with taxes.”
“His policies continue to target the middle class and people with large families for elimination,” McClusky added.
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