Trump Campaign Warns Of Large Tax Increase
The campaign for former President Donald Trump said in recent weeks that President Joe Biden plans a large tax increase if he is elected to another term in November. The warning came after the average price for the American consumer has increased by nearly 20% since Biden took office due to inflation, which some conservatives call a type of hidden tax.
The Trump campaign cited recent congressional figures that showed that Biden’s proposed 2025 fiscal year budget would increase taxes by nearly $5 trillion over the next decade and almost $90 trillion in spending.
Biden wants to raise taxes on the middle class.
President Trump’s tax cuts lowered taxes for every income bracket, with an average tax cut of $1,260 in 2018.
Biden just said, "it’s going to expire and if I’m re-elected, it is going to stay expired." https://t.co/n5ka6mxDco
— GOP (@GOP) April 19, 2024
The plan, said Republicans, would also increase the national debt to more than $50 trillion by next decade.
The Trump campaign said that Biden’s plan would “take nearly $40,000 dollars away from the average American family, who is already losing thousands every year due to Biden’s record-high inflation crisis.”
The former president’s campaign argued that Biden’s plan was “defined by massive spending increases and tax hikes on Americans.”
The president himself appeared to endorse tax hikes on most Americans during a campaign event last week. Biden said that if he was reelected, he would allow for the 2017 Trump tax cuts to expire and “stay expired.”
The Tax Cuts and Jobs Act (TCJA) lowered a series of taxes on American workers and companies. The personal income tax reduction was part of a temporary measure that is set to end in 2025.
During a speech to the International Brotherhood of Electrical Workers Construction and Maintenance Conference in Washington, the president said that Trump was “proud, very proud of his $2 trillion tax cut.”
Biden argued that the cut “overwhelmingly benefited the wealthy and the biggest corporations and exploded, exploded the federal debt.”
“There is no exaggeration here: It’s going to expire and if I’m re-elected, it is going to stay expired,” the president said.
Following the comments the White House appeared to backtrack, saying that it would attempt to retain the cuts for families making under $400,000.
