The 2024 presidential contest features sharply opposing views on taxes. Many of the income tax cuts signed into law by Donald Trump in 2017 are set to expire after next year. If all the tax cuts expire, the vast majority of U.S. households would see their payments to the IRS increase. But if all the […]
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In 2024 race, Trump and Biden differ sharply on expiring tax cuts
The 2024 presidential contest features sharply opposing views on taxes. Many of the income tax cuts signed into law by Donald Trump in 2017 are set to expire after next year. If all the tax cuts expire, the vast majority of U.S. households would see their payments to the IRS increase. But if all the tax cuts are extended, another 4-and-a-half trillion dollars would be added to the national debt over the next decade. President Biden wants to extend the middle-class tax cuts while raising taxes on the wealthy. But Trump argues that tax increases would destroy the economy.