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Biden Seeks Extension of Trump Tax Cuts for Most Households
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WASHINGTON—President Biden largely wants to extend Trump-era tax cuts for households making under $400,000 a year beyond their scheduled expiration after 2025, the White House said in a budget statement Thursday.
Mr. Biden’s budget calls for extending those tax cuts “in a fiscally responsible manner” by using new tax increases on wealthy people and large corporations to offset the budget-deficit increases that extended tax cuts would create. The cuts expanded the standard deduction and lowered tax rates for all income groups and will lapse after 2025 unless Congress acts.
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