Biden plans higher taxes on wealthy to extend middle-class tax breaks

[Pelican Press 0]

Biden plans higher taxes on wealthy to extend middle-class tax breaks

Director of the National Economic Council Lael Brainard speaks at the White House January 11, 2024 in Washington, DC.

Drew Angerer | Getty Images

It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks.

White House national economic advisor

The multi-trillion dollar tax battle comes amid the ongoing debate over the national debt — and extending the TCJA tax breaks would boost the budget deficit, according to the Congressional Budget Office.

Trump and other Republicans have pushed for a full extension of expiring TCJA tax breaks, which could add an estimated

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over the next decade, according to a Congressional Budget Office report released this week.

‘The stakes could not be higher’

“As we approach the tax debate next year, the stakes could not be higher for the fairness of our tax system and our nation’s fiscal future,” Brainard said.

Renewing Biden’s pledge for “tax fairness,” she said the administration aims to extend expiring TCJA provisions for middle-class Americans. Those extensions would be funded by raising taxes on the ultra-wealthy and corporations.

Brainard said the original legislation primarily benefited the wealthiest Americans and “the trickle-down never happened.”

“Achieving a fairer tax system also means we can’t extend expiring Trump tax cuts for those with incomes above $400,000,” she added.

The administration also wants to quadruple the tax on

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for billionaires, Brainard said.

Meanwhile, House Republicans have

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to study and propose solutions to address the upcoming 2025 tax cliff.

“If the 2017 Trump tax cuts expire an average family of four earning $75,000 would see their

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by $1,500 a year,” House Ways and Means Committee Chairman Jason Smith, R-Mo. said in an April press release.

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Economic policy,Taxes,Personal taxes,Personal finance,Government taxation and revenue,Tax planning,Personal saving,Wealth,National taxes,Joe Biden,Congress,Joe Biden,Donald Trump,business news
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