Biden White House highlights a coming showdown with GOP over 2017 tax cuts that are due to expire
The Biden White House wants voters to know about its differences with Republicans over taxes
WASHINGTON — The winner of November's presidential election will face an epic challenge next year with the coming expiration of nearly $4 trillion in tax cuts — an issue that the Biden White House is highlighting in the runup to November.
Lael Brainard, director of the White House National Economic Council, in a speech Friday emphasized the administration's differences with Republicans over taxes. In her address at the Brookings Institution, Brainard made a case for higher rates on corporations and the ultra-wealthy in order to support the middle class.
“The expiration of Trump’s 2017 tax package next year will put tax fairness front and center,” Brainard said. “The president is honoring his ironclad commitment to not raise taxes on anyone making less than $400,000 and will cut taxes further for workers and families, paid for by asking corporations and those at the top to contribute more.”
Many of the 2017 income tax cuts signed into law by then-President Donald Trump are set to expire after 2025. 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, as additional $4.6 trillion including the cost of debt service would be added to the national debt over the next decade, according to the Congressional Budget Office.
Trump, a Republican, says tax increases would destroy the U.S. economy. But Biden, a Democrat, wants to extend the middle-class tax cuts while raising taxes on highly profitable companies and the richest sliver of Americans.
In her speech, Brainard said the 2017 tax cuts failed to deliver the growth promised by Republicans,
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