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Biden floats tax hikes for all, says Trump cuts will ‘stay expired’ if re-elected — prompting WH walk-back
NY Post ^ | 4/19/24 | Steven Nelson

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 ...


TOPICS: Business/Economy; Front Page News; Politics/Elections
KEYWORDS: brandon; expired; hike; taxes
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Tell Brandon that he can no longer afford his favorite tapioca. That'll get his mind right.
1 posted on 04/20/2024 3:16:21 AM PDT by Libloather
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To: Libloather

Tell the warmongers we are all going to have to pay for their bloody spectator sport. Fortunately, American boys aren’t currently paying for the warmongers’ enjoys in blood yet.


2 posted on 04/20/2024 3:25:39 AM PDT by hardspunned (Former DC GOP globalist stooge)
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To: Libloather

One of the most impressive accomplishments by the US media was to convince 80% of Americans that Trump’s tax cuts actually RAISED their taxes (even some here drank that Koolaid), when, actually, 80% of Americans paid LOWER taxes due to the tax cut.

The media completely neutralized any benefit of the tax cut for Trump.


3 posted on 04/20/2024 3:27:24 AM PDT by BobL (A society built on MERIT cannot survive on DEI (ref. South Africa, and now USA))
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To: BobL

It is very confusing.

The Reagan, Bush and Trump tax cuts for the wealthy have resulted in the most progressive tax code on earth. The wealthy pay more of the whole than ever and 45% or something pay 0% income tax.

Confusion reigns!!! (among the bran dead leftists and largely no one else)


4 posted on 04/20/2024 4:00:45 AM PDT by Freest Republican (This space for rent)
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To: hardspunned

Yet boots on the ground was a certainty approximately 697 days,. 4hrs and 22mins ago.

Score another one for Team Commonsense.


5 posted on 04/20/2024 4:05:33 AM PDT by Freest Republican (This space for rent)
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To: Libloather

Just drawing more tainted water from the well of envy.


6 posted on 04/20/2024 4:06:04 AM PDT by plangent
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To: Libloather

The head of the Biden Crime Family likes to TAX & SPEND citizen’s money.


7 posted on 04/20/2024 4:13:04 AM PDT by PGalt (Past Peak Civilization?)
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To: Libloather

FJB


8 posted on 04/20/2024 4:27:27 AM PDT by Muhammy
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To: Libloather

Those Corporations provide millions of jobs. The government is the most “defunct” business on earth....they steal OUR money to enrich and create “loyal voters”.....school loans, DACA, money for illegals...etc etc...


9 posted on 04/20/2024 4:28:46 AM PDT by Sacajaweau
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To: Libloather

My taxes went up almost $2K a year over last 2 years - he already raised taxes and will really raise them if they get away with another steal...


10 posted on 04/20/2024 4:57:30 AM PDT by trebb (So many fools - so little time...)
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To: Libloather

What budget?


11 posted on 04/20/2024 5:18:39 AM PDT by AFreeBird
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To: Libloather

What budget?


12 posted on 04/20/2024 5:18:39 AM PDT by AFreeBird
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To: Libloather

Republicans needs to pounce immediately and make commercials in all 50 states and especially Arizona, North Carolina, Georgia, Pennsylvania, Nevada and any other close state.


13 posted on 04/20/2024 5:33:43 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: Libloather

Biden clearly doesn’t understand that trump made the tax cuts for the rich permanent. Trump only put a sunset provision on the working class tax cuts. Biden would have to have a completely new bill for both to change anything. Ha!


14 posted on 04/20/2024 5:36:42 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: trebb

You made more money.


15 posted on 04/20/2024 5:38:03 AM PDT by napscoordinator (DeSantis is a beast! Florida is the freest state in the country! )
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To: Sacajaweau

The dumb masses don’t understand that Taxes are an expense to businesses. Increase their expenses, they increase their prices. Corporations don’t pay taxes, they collect taxes from YOU!


16 posted on 04/20/2024 5:43:00 AM PDT by griswold3 (Truth, Beauty and Goodness. )
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To: Libloather

btt


17 posted on 04/20/2024 5:47:00 AM PDT by GailA (Land Grabs, Poisoned Food, KILL the COWS, Bidenomics=BIDEN DEPRESSION. STAGNATION)
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To: Libloather

“Tell Brandon that he can no longer afford his favorite tapioca. That’ll get his mind right.”

The only reason I am still working is due to Brandon’s policies. My portfolio under Trump jumped 30%. I lost most of that under Biden. Now I have to hold the positions and hopefully a change will reverse the losses so I can then retire and do nothing but fish.


18 posted on 04/20/2024 5:58:46 AM PDT by EQAndyBuzz (If it's Boeing, I ain't going!)
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To: Libloather

Biden is running on tax tax tax spend spend spend borrow borrow borrow and up-yours taxpayers ?


19 posted on 04/20/2024 6:05:05 AM PDT by butlerweave
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To: Libloather

Democrats are so terminably stupid.


20 posted on 04/20/2024 6:10:22 AM PDT by yldstrk ( )
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