Former Vice President Mike Pence’s conservative advocacy group on Thursday launched a $10 million education campaign urging lawmakers to preserve tax cuts passed in 2017 under former President Donald Trump.
Release to Promote American Freedom Policy Memo On Thursday, he called on lawmakers and the voters who elect them to preserve the Tax Cuts and Jobs Act, which is set to expire after 2025.
Pence, 65, who helped pass the bill during the first year of the Trump administration, touted the success of the bill in a statement as “the largest tax cut and tax reform in American history, helping Americans keep more of their hard-earned money and bringing jobs back to America.”
The 13-page policy memo recommends opposing tax increases on American workers and small businesses, lowering corporate tax rates to effectively compete with China, and cutting huge federal spending bills.
Former Pennsylvania Republican Sen. Pat Toomey, who helped negotiate the Tax Cuts and Jobs Act, was the first conservative leader to voice strong support for the “Advancing American Freedom” campaign.
The campaign will include parliamentary seminars, a media offensive and grassroots mobilization over the next year.
Pence has said he will not support Trump’s 2024 presidential bid but is pushing the policy memo as a campaign highlight and legislative priority with Republicans likely to take control next year.
Not maintaining the 2017 law would result in a combined tax increase of $3.97 trillion across income brackets, according to the memo.
The Committee for a Responsible Federal Budget warns $5.2 trillion increase Extending the cuts would widen the federal deficit, but the memo cited past examples of underestimating revenue gains due to strong economies.
In a speech to electric power workers’ union members in April, President Biden promised to let the law expire next year if elected to a second term, and blasted President Trump for increasing the national debt with his “$2 trillion tax cut” and “benefiting the wealthy and big corporations.”
White House officials later walked back those comments, saying tax cuts for Americans making less than $400,000 a year would remain in place, and accused Trump and Republicans of raising taxes on the middle class.
But the nonpartisan Tax Foundation Tax increases across the board are expected When this law expires in 2026, the income of a single person will be Average median income is $75,000 You’ll end up paying $1,700 more per year to the IRS.
According to the Bureau of Labor Statistics, the “hidden tax” on inflation has also risen cumulatively by more than 19% since he took office.
Biden, 81, supports raising corporate taxes from 21% to 28% to restore federal revenue, while Trump, 78, recently told top CEOs at a business gathering in Washington, D.C., that he supports a 20% corporate tax rate.
The former president’s signature legislative achievement, the Tax Cuts and Jobs Act, reduced the corporate tax rate from 35% to 21%.
Biden has pushed higher taxes on the wealthy as a potential solution to the nation’s ballooning debt, despite having led to a roughly $3.7 trillion budget deficit during his presidency.
Congressional Budget Office The estimate was published The Treasury Secretary announced Tuesday that the 2024 budget deficit will be nearly $2 trillion, the largest in U.S. history outside of periods of war or recession.
The agency predicts that will jump to $50 trillion by 2034.
“The last few years of the Biden administration have shown us that you can’t spend your way out of inflation, and you can’t tax your way out of a spending problem,” said Pence, who founded the AAF in 2021.
“Washington has a spending problem, not a revenue problem,” he added. “The national debt is out of control and taxing the American people more is not the solution.”
