- ORIGINAL NEWS
Trump vs. Biden: What a presidential election rematch could mean for your taxes
- SUMMARY
Two major tax plans are shaping up for the next U.S. presidential election.
Trump wants to keep his individual tax cuts permanent through the Tax Cuts and Jobs Act, while Biden plans to extend these cuts for those earning under $400,000.
Both candidates have plans to increase taxes on the wealthy and corporations.
However, these tax provisions of the Tax Cuts and Jobs Act expire after 2025, so whoever wins the presidency in 2024 will need to address these changes.
Without Congressional action, most Americans will face higher taxes.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“The White House on Thursday released some of Biden’s tax priorities ahead of his State of the Union speech.”
“These include renewed plans to “make the tax system fairer,” with cuts for working families and hikes for the wealthy and large corporations.”
Negative
“The cost of extending Tax Cuts and Job Act provisions could pose a challenge.”
“Extending individual tax provisions would increase budget deficits by $2.5Â trillion over the baseline from 2024 to 2033, not including debt service costs, according estimates from the Congressional Budget Office.”