Biden Commits to Letting Trump-Era Tax Cuts Expire if Reelected

President Biden's reelection campaign includes a promise to allow the expiration of the Tax Cuts and Jobs Act, potentially raising taxes for many Americans.

President Biden has vowed not to renew the Trump-era tax cuts, which are set to expire at the end of 2025, affecting tax rates across various income brackets.
The Tax Cuts and Jobs Act, enacted in 2017, significantly lowered both corporate and personal income tax rates.
Biden's stance has sparked debate, with critics arguing it could lead to higher taxes for middle-class Americans despite his assurances to protect those earning under $400,000.
Economic analysts are concerned about the potential impact on household finances and the broader U.S. economy.
The decision is positioned as a reversal of policies perceived as favoring the wealthy and large corporations, aligning with Biden's broader fiscal policies.

Americans for Tax Reform

The Federalist