Posted on 04/20/2024 3:16:21 AM PDT by Libloather
resident Biden vowed Friday that former President Donald Trump’s 2017 tax cuts would lapse next year if he’s re-elected and “stay expired” — meaning higher taxes for middle class and low-income Americans — prompting a hasty walk-back by aides.
Biden, 81, lambasted Trump’s Tax Cuts and Jobs Act (TCJA), which permanently lowered corporate taxes from 35% to 21% and temporarily lowered personal income tax rates through 2025, as a giveaway to the rich in a speech to electrical union members in Washington.
“[Trump] was proud, very proud of his $2 trillion tax cut when he was president that overwhelmingly benefited the wealthy and the biggest corporations and exploded, exploded the federal debt,” Biden said of his predecessor ahead of their expected November election rematch.
“There is no exaggeration here: It’s going to expire and if I’m re-elected, it is going to stay expired,” the president added.
Biden’s apparently off-the-cuff remark did not reflect a change in policy, the administration insisted to The Post.
“The president is simply reiterating what’s in his budget. He would let the Trump tax cuts for big corporations and the richest Americans — those making more than $400,000 — expire, and extend the tax cuts for those making less than $400K,” a White House official said.
“In fact, his budget would further cut taxes for the middle class and working families. He has said that repeatedly and in every budget. Trump and Republicans are responsible for the egregious and fiscally reckless cliff that is in the Trump Tax Cuts —they are the reason taxes will raise for the middle class after 2025.”
However, the Tax Foundation says that Americans would be hit by across-the board income tax hikes if the TCJA is allowed to lapse.
(Excerpt) Read more at nypost.com ...
To think that Republicans are even stupider.
Trump’s policies worked great.
I don’t consider Trump to be a Republican. He’s wisely using the Republican Party for his purposes.
Not to mention a large number get back more money that paid into IRS. IOW, a federal welfare system.
He should just shut up and let the kids who are running things do the talking.
Never let class warfare go to waste.
He might as well a dress with “eat the rich” on it like AOC.
Biden, with six luxury homes (how did he afford those, Rush always asked) - is not in the “rich” category, of course, nor any member of his family who was enriched through his China deals.
Politics 101 - promising to lower taxes is the #1/top/first on the list of campaign rules.
Exactly.🤔
Tell Brandon that he can no longer afford his favorite tapioca. That’ll get his mind right.
You mean, tell Brandon that WE THE TAXPAYERS can no longer afford his favorite tapioca.
I see what you mean.
I’m on a fixed income....
Read my lips...more taxes.
Thank you for your honesty. But your handlers didn't want you to say that. No ice cream after dinner tonight.
What's in it for him?
Helping the country?
Perhaps. But he is making many stupid mistakes. That’s just his ego.
But still, he is “The Man In The Arena”.
Definitely. Stay tuned...
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