{"id":28593,"date":"2024-06-18T04:08:07","date_gmt":"2024-06-18T09:08:07","guid":{"rendered":"https:\/\/ustower.net\/?p=28593"},"modified":"2024-06-18T04:08:11","modified_gmt":"2024-06-18T09:08:11","slug":"biden-ramps-up-push-to-end-trumps-tax-cuts-for-the-wealthy-highlighting-the-choice-in-the-2024-election","status":"publish","type":"post","link":"https:\/\/ustower.net\/?p=28593","title":{"rendered":"Biden ramps up push to end Trump’s tax cuts for the wealthy, highlighting the choice in the 2024 election"},"content":{"rendered":"\n

WASHINGTON \u2014 President Joe Biden is gearing up to raise taxes on wealthy people in the U.S. if he\u2019s re-elected this fall, picking a fight with Republican rival Donald Trump, who is promising even deeper tax cuts if he returns to the White House.<\/p>\n\n\n\n

Major parts of the 2017 Trump tax cuts<\/a> are scheduled to expire at the end of 2025, splitting the two parties over whether to extend or end them. Keeping them would add $3.3 trillion to the debt over the next 10 years, according to<\/a> the nonpartisan Congressional Budget Office. Democrats are unifying behind a push to raise taxes on upper earners, while Republicans want to keep the tax breaks. The outcome will be decided by the winners of the White House and Congress.<\/p>\n\n\n\n

Biden is promising to end the Trump tax breaks for incomes above $400,000 while vowing not to raise taxes for those making less.<\/p>\n\n\n\n

\u201cIf Trump gets elected, he\u2019ll cut taxes for him and his rich friends at the expense of working families. We can\u2019t let that happen,\u201d Biden said<\/a> last week on social media.<\/p>\n\n\n\n

Biden has repeatedly taken aim at Trump\u2019s upper-income tax breaks, saying in April<\/a>: \u201cThat tax cut is going to expire. If I\u2019m re-elected, it\u2019s going to stay expired.\u201d<\/p>\n\n\n\n

Biden\u2019s recent budget<\/a> and a\u2002memo Thursday<\/a> by top Biden economic adviser Lael Brainard laid out the White House\u2019s vision for bringing in new revenue: raise the corporate tax from 21% to 28%, impose a 25% minimum income tax on billionaires, increase the marginal tax rates on the highest incomes from 37% to 39.6% and boost taxes on capital gains for high earners.<\/p>\n\n\n\n

On the campaign trail, Trump is celebrating his 2017 tax cuts and hitting Biden on the issue.<\/p>\n\n\n\n

\u201cHe wants to let our tax cuts expire!\u201d Trump said at a rally last month in Wildwood, New Jersey. \u201cInstead of a Biden tax hike, I\u2019ll give you a Trump middle-class, upper-class, lower-class, business-class \u2014 big tax cut. You\u2019re going to have the biggest tax cut.\u201d<\/p>\n\n\n\n

But his plan isn\u2019t specific, and it doesn’t address the rising national debt, an issue Republicans say they worry about. Trump didn\u2019t even mention his 2017 tax cuts in a closed-door meeting Thursday with Republicans, according to three senators in the room. And he is now touting a different idea that he didn’t pursue during his presidency: ending taxes on tips<\/a>.<\/p>\n\n\n\n

Democrats: ‘End these really damaging Trump tax provisions’<\/strong><\/strong><\/h2>\n\n\n\n

Many liberals are eager for a fight when Trump’s tax cuts expire, and Senate Finance Committee Chair Ron Wyden, D-Ore., said he plans to meet with committee Democrats this Thursday to discuss the way forward.<\/p>\n\n\n\n

Sen. Elizabeth Warren, D-Mass., said in a speech Monday: \u201cThe 2025 tax fight will create a huge opportunity to break with decades of tax-cutting political orthodoxy and reshape the tax code to reflect our nation\u2019s values by raising taxes on the wealthy. That\u2019s what Americans across the country are demanding, that\u2019s what Joe Biden is running on, and that\u2019s a big reason why Joe Biden will win in November. Next year, we must raise taxes on giant corporations and billionaires.\u201d<\/p>\n\n\n\n

Rep. Pat Ryan, D-N.Y., who represents a suburban swing district, said that with the \u201cdamaging\u201d Trump tax cuts expiring, \u201c2025 is a year where we can finally make the ultra-wealthy and big corporations pay their fair share.\u201d<\/p>\n\n\n\n

He said it\u2019s essential to bring in more revenue to the Treasury to protect Social Security and Medicare in the long haul, and he accused Republicans of wanting to reduce retirement benefits \u201cto pay for these bailouts and tax breaks\u201d for the rich.<\/p>\n\n\n\n

\u201cSo it\u2019s a one-two punch to working people and the 99% of the American people,\u201d Ryan said.<\/p>\n\n\n\n

Meanwhile, Republicans are lining up behind Trump\u2019s push to continue the tax breaks across the board.<\/p>\n\n\n\n

\u201cWe\u2019ve got to have these tax cuts extended,\u201d said Rep. Ralph Norman, R-S.C., who is on the Rules Committee, which decides what bills get votes in the full House. \u201cWe will under Trump. We will not under Biden.\u201d<\/p>\n\n\n\n

Sen. Mike Crapo, R-Idaho, the ranking member of the tax-writing Finance Committee, who could become chairman if Republicans win control of the Senate, rejected Biden\u2019s call for tax increases on incomes above $400,000.<\/p>\n\n\n\n

\u201cNo, I\u2019m not willing to go with that,\u201d Crapo said.<\/p>\n\n\n\n

He said the tax cuts might require \u201csome fine-tuning\u201d if they’re extended, “but I\u2019m not going to put any arbitrary line in place.\u201d<\/p>\n\n\n\n

Rep. Andy Barr, R-Ky., said he\u2019d like to see the Trump tax cuts \u201cmade permanent\u201d and to build on them. \u201cI\u2019d like to see more and more aggressive supply-side tax cuts, growth-oriented tax cuts,\u201d he said. \u201cI\u2019d also like to see smarter capital gains tax reductions.\u201d<\/p>\n\n\n\n

Hurdles to Biden’s plan<\/strong><\/strong><\/h2>\n\n\n\n

Biden\u2019s pledge to undo tax cuts for incomes above $400,000 is easier said than done. For instance, the 2017 tax cuts nearly doubled the standard deduction, which many middle-income families use. And many Democrats favor the expiration of the $10,000 federal limit on state and local tax deductions, which would enable many higher earners to pay less. It’s unclear how Biden would rewrite the tax code to end those breaks only for upper earners and preserve them for others.<\/p>\n\n\n\n

A White House official said that the economic team hasn’t yet fleshed out a concrete policy proposal for how to accomplish that goal and that there are \u201cdifferent ways to try to implement our principles.\u201d The official also said it\u2019s \u201cpremature\u201d to say whether Congress should move quickly to impose taxes on wealthier people in early 2025 and whether it should use the filibuster-proof reconciliation process, which covers taxes and spending and could allow Democrats to bypass Republican opposition in Congress.<\/p>\n\n\n\n

Wyden said that it\u2019ll be a high priority next year and that congressional Democrats share a philosophy with Biden on taxes.<\/p>\n\n\n\n

\u201cYou bet we will have a significant discussion about the president\u2019s proposal,\u201d he said. \u201cI\u2019ve talked to the Biden administration about this: Success and fairness are not incompatible. We want people to do well, and people are going to do well under our approaches. But if nurses and teachers and firefighters have to pay taxes with every paycheck, we want some fairness from the billionaires.\u201d<\/p>\n\n\n\n

In addition to the presidency, the makeup of Congress will determine what happens to the Trump tax cuts. Full control would give either party an open road to pursue its agenda, but divided government might force the two sides to negotiate a bipartisan deal that includes some victories for each party.<\/p>\n\n\n\n

Warren urged Democrats on Monday not to \u201ctake the coward\u2019s way out and sign our names to a half-baked deal that lets the wealthy off the hook,\u201d warning that such a move would be a \u201chuge failure.\u201d<\/p>\n\n\n\n

Republican Rep. Carlos Gimenez, who represents a competitive district in Florida, said any push to raise taxes, including on high earners, would be dead on arrival if Republicans keep the House \u2014 even if Biden is re-elected.<\/p>\n\n\n\n

He said the Trump tax cuts should be extended.<\/p>\n\n\n\n

\u201cI like what it did for our economy,\u201d he said. \u201cI\u2019m a lower tax guy.\u201d<\/p>\n\n\n\n

Nbcnews<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WASHINGTON \u2014 President Joe Biden is gearing up to raise taxes on wealthy people in the U.S. if he\u2019s re-elected this fall, picking a fight with Republican rival Donald Trump, who is promising even deeper tax cuts if he returns to the White House. Major parts of the 2017 Trump tax cuts are scheduled to expire at […]<\/p>\n","protected":false},"author":5,"featured_media":28594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[3480,10463,1205,29119,7092,3023],"class_list":["post-28593","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-donald-trump","tag-joe-biden","tag-president","tag-rich-americans","tag-tax-cuts","tag-taxes"],"_links":{"self":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/28593","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=28593"}],"version-history":[{"count":1,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/28593\/revisions"}],"predecessor-version":[{"id":28595,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/posts\/28593\/revisions\/28595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=\/wp\/v2\/media\/28594"}],"wp:attachment":[{"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=28593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=28593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ustower.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=28593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}