President Joe Biden visited Scranton, Pennsylvania on Tuesday and called for higher taxes on the wealthy.
Biden: “When I look at the economy, I’m not looking at it through the eyes of Mar-a-Lago.” Said During his speech. “I’m seeing it through Scranton’s eyes.”
Biden explained that he wants to make the tax code fairer so ordinary Americans can put more money in their pockets.
In an attempt to make the tax code fairer, Biden proposed a 25% minimum tax rate for billionaires, while criticizing former President Donald Trump for being a billionaire.
“Scranton values or Mar-a-Lago values,” Biden said during his speech. “These are competing visions for our economy that call into question the fundamental equity at the heart of this campaign.”
With many provisions of the 2017 Tax Cuts and Jobs Act (TCJA) scheduled to expire by the end of 2025, the upcoming 2024 presidential election could determine the extent to which the tax cuts established by President Trump are maintained. is high.seen by an individual important Changes to personal income tax and inheritance tax.
a report According to research from the Tax Foundation, 1.4 million jobs will be added to the economy by 2025 as a result of the Tax Cuts and Jobs Act.
The TCJA also included provisions for small businesses, such as a 20% pass-through deduction and instant expense reimbursement. Many people received a tax cut, Small and medium-sized enterprisesMany employers were able to offer their employees increased wages and bonuses.
One report found that under the TCJA, wages rose 4.9 percent in 2018 and 2019, wages for low-income workers rose 50 percent, and median household income growth was $5,000. It is said that it has increased. report From Representative Jason Smith (R-Missouri), Chairman of the Ways and Means Committee.
Biden has vowed not to raise taxes on people making less than $400,000 a year, but if he wins, he will likely increase taxes on middle-class Americans.
