Tax Hike Alert: Biden Mulls Letting Trump’s Cuts Expire, Impacting Millions of Americans
Potential Tax Hike Looms: Biden Eyes End to Trump’s Cuts, Impacting Middle and Low-Income Families
President Joe Biden said he wants to change some of the rules about taxes if he gets re-elected. These rules were made by former President Donald Trump in 2017. Trump’s rules lowered taxes for big companies and rich Americans. Biden plans to let these tax cuts expire which means they will end. This could lead to higher taxes for many Americans maybe as much as 4%, according to the report of Washington Examiner.
President Biden talked about Trump’s tax cuts on social media. He said Trump’s tax cuts mainly helped rich Americans and big companies, and they made the national debt much bigger. Biden wants these tax cuts to stay expired if he wins another term as president. This decision could have a big impact on how much money people have to pay in taxes.
Not only rich Americans will be affected if Biden lets Trump’s tax cuts expire. Even Americans with average incomes could see their taxes go up. One analysis says someone earning $30,000 a year might have to pay about $253.75 more in taxes by 2026. A family making $165,000 with two kids might have to pay $2,450.50 more. So, this change could hit many families’ wallets.
(photo: New York Post)
Lawmakers Wrestle with Tax Hike Dilemma: Extending or Expiring Trump’s Cuts
Some Americans support Biden’s plan saying it’s fairer to make rich Americans and big companies pay more in taxes. But others worry it could hurt the economy. They say higher taxes might make businesses less likely to invest and create jobs. It’s a debate that will continue as lawmakers decide what to do about Trump’s tax cuts.
Lawmakers have to think carefully about what to do next. Extending Trump’s tax cuts could make the national debt even bigger, according to one estimate. But letting them expire could mean higher taxes for many Americans. Finding the right balance between helping the economy and managing the country’s debt won’t be easy. In the end the decisions made will affect the lives of millions of Americans.
