The looming Biden tax hike
By
Washington Examiner
May 18, 2024 12:01 am
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Democrats will use a misleading Congressional Budget Office report earlier this month to argue against extending 2017 tax cuts that jump-started the economy. Congressional Republicans would be wise to push back.
Former Vice President Mike Pence is urging them to do just that, writing that failure to renew the tax cuts “would be disastrous for the American people.”
“The Tax Cuts and Jobs Act created instant income growth for hardworking Americans, generated millions of new jobs, and brought back billions of dollars to the United States,” Pence wrote. “Household incomes saw real gains before Bidenomics took effect, and federal tax revenue has never been higher.”
Each of those claims is true. The 2017 bill cut individual income tax rates across the board, increased family tax credits, and, of huge importance, flattened corporate tax rates. It also simplified the tax code while eliminating loopholes.
Most of the cuts are set to expire at the end of 2025. Unless they are renewed, almost every working American effectively will see a punitive tax hike, while expiration of some business tax breaks will cause many firms to raise prices, slash jobs, or both.
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https://www.washingtonexaminer.com/opinion/3005395/the-looming-biden-tax-hike/
