President Biden's plan to let the Trump tax law expire is causing a stir as it would lead to a tax increase for most Americans but a windfall for Biden's political donors, potentially amounting to millions of dollars. The changes in deductions could save high rollers in Democrat states 9% of their federal tax bill. Trump criticizes Biden for not renewing tax handouts for the ultra-wealthy and big corporations, while pledging to double down on tax cuts if re-elected. Biden is proposing a 25% tax on unrealized gains, which some see as a potential trouble if Trump doesn't win. The expiration of the Trump-era tax cuts from the Tax Cuts and Jobs Act of 2017 is poised to be a significant political issue in the upcoming election year.
The sweeping Trump-era tax cuts in the Tax Cuts and Jobs Act of 2017 are set to expire next year, setting up the tax debate as a potentially key political issue this election year. https://t.co/liNMVGVa8G
The sweeping Trump-era tax cuts are set to expire next year, setting up the tax debate as a potentially key political issue this election year. https://t.co/kFklYbh2iq
Biden's proposing a 25% tax on unrealized gains. If Trump doesn't win, we're in for trouble.
Donald Trump pledged to double down on tax cuts if he wins a second term as president, drawing a distinction with President Joe Biden who has called for tax hikes on businesses and the richest Americans https://t.co/CYMLtRcUJ6
Trump complains that President Biden won’t renew his tax handouts for the ultra-wealthy and big corporations https://t.co/Bj2dpBbY9M
Biden wants the Trump tax law to expire because it'll give his biggest donors a massive tax break, counterintuitively. The changes to deductions will save high rollers in Democrat states 9% of their federal tax bill - that's millions of dollars. https://t.co/8sljZZzlWF
"While many have already pointed out that [letting Trump's tax reform expire] will mean a significant tax increase for most Americans, few have noticed that it will also mean a windfall for Biden’s political donors, in the millions of dollars..." (Article linked in reply) https://t.co/wdclQ6Lv9J