President Biden has stated his intention to allow the tax cuts passed under President Trump in 2017 to expire if he is reelected.
Biden claimed the cuts overwhelmingly benefited the wealthy and exploded the deficit, but analyses found most taxpayers received cuts.
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden wrote online.
“That tax cut is going to expire. If I’m re-elected, it’s going to stay expired,” he added.
The Trump tax cuts nearly doubled the standard deduction, increased the child tax credit, and lowered rates across income levels.
Allowing the cuts to expire would increase taxes on average families by thousands per year according to one analysis.
Biden conceded in 2022 that the tax cuts grew the economy by over 5% and substantially increased revenues, as predicted.
“[W]e have generated a GDP growth of 5.7 percent, the best economic growth we’ve seen in this country in over 40 years. This has led to a substantial increase in government revenues and dramatically improved our fiscal situation,” Biden said.
“I think it’s also somewhat ironic for President Biden to say, ‘We’ve got the greatest economy in the world,’ and not mention, ‘Oh, by the way, it’s happening under Trump taxes,’” he said. “Low taxes might be working, right?”
Revenue has increased over $1 trillion annually since the cuts.
Critics argue Biden should acknowledge the cuts worked to spur growth rather than let them expire.
Republicans want to extend the cuts if they regain control of Congress.
