President Trump promised to continue lowering taxes if he defeats Democratic challenger Joe Biden on November 3, tweeting Monday morning from the Walter Reed National Medical Center that his administration would approve a sequel to the 2017 tax review.
“THE BIGGEST TAX CUT EVER AND ONE MORE COMING. VOTE!” Trump wrote in a series of tweets from Walter Reed, where he has been undergoing treatment for COVID-1
“IF YOU WANT A MAXIMUM TAX INCREASE, THE BIGGEST IN OUR COUNTRY’S HISTORY (AND ONE THAT WILL CLOSE OUR ECONOMY AND JOBS), VOTE DEMOCRAT !!!” he wrote in another tweet.
UNDERTAKES TO COLLECT TRUMP’S TAX CUTS: “MANY OF YOU MAY NOT LIKE”
TRUMP COMPLAINTS, THE VICTORY OFFERED WILL CAUSE DEPRESSION, THE ‘GREAT WIND IN FRONT’ FOR THE ECONOMY
Trump, who presided over the passage of the Tax Cuts and Jobs Act in 2017, the largest revision of the tax code since Ronald Reagan was in the Oval Office, has repeatedly promised a sequel, often referred to as “Tax Cuts 2.0.”
It is unclear exactly what it would include, but the president has already said he will cut the tax rate on capital gains from 20% to 15%; forgive temporarily deferred payroll taxes; granting tax breaks to US companies that report their operations from China; and codify the changes made in the previous tax review which are expected to expire in 2025.
Biden, meanwhile, is running a multi-trillion-dollar program that would be funded in large part by higher taxes on wealthy U.S. families – which he describes as anyone earning more than $ 400,000 a year – and by corporations. This includes higher income tax rates, a payroll tax expansion for Social Security, new tax credits, and fewer deductions.
COMMITMENTS OFFERED TO INCREASE TAXES FOR AMERICANS EARNING MORE THAN $ 400,000
“I’ll raise taxes for anyone who earns more than $ 400,000,” Biden said in a recent interview with ABC’s David Muir. “Let me tell you why I will do it. It is time for them to start paying a good part of the economic responsibility we have. The richest should pay a fair share, companies should pay a fair share “.
According to a September projection by the Penn Wharton Budget Model, a nonpartisan group at the University of Pennsylvania’s Wharton School, nearly 80 percent of Biden’s backed tax increases would go to the top 1 percent earning in the United States.
SOME RETIRED PEOPLE MAY SEE 5% SECURITY INCREASE WITH OFFERING AS PRESIDENT
Biden vowed to repeal Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate from 21% to 28%, restore the highest individual tax rate from 37% to 39.6%, tax capital gains as ordinary income, maximum deductions for earnings, expand the earned income tax credit for workers over the age of 65, and impose social security payroll tax on wages above $ 400,000.
However, the Constitution gives Congress the power to set fiscal policy, so both Biden and Trump’s economic agenda can depend on which party controls the majority in the House and Senate.
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