Welcome to Extreme Investor Network, where we provide you with cutting-edge insights and information on personal finance. Today, we’re diving into the latest news on President Joe Biden’s plans to address trillions in expiring tax breaks enacted by former President Donald Trump.
Director of the National Economic Council, Lael Brainard, recently spoke about President Biden’s intentions to extend tax cuts for hardworking Americans while ensuring that the wealthiest individuals and big corporations pay their fair share. This is in response to several provisions from the Tax Cuts and Jobs Act of 2017 set to expire after 2025, potentially affecting more than 60% of filers.
As the 2025 tax cliff approaches, President Biden is committed to supporting middle-class and working families by only extending tax breaks for those making less than $400,000. In contrast, former President Trump has expressed plans to extend all expiring TCJA provisions.
Biden’s goal is to raise revenue for senior programs and fiscal responsibility by allowing TCJA provisions to expire for individuals making more than $400,000. Fully extending these provisions could add an estimated $4.6 trillion to the deficit over the next decade, according to the Congressional Budget Office.
In addition to addressing individual tax provisions, Biden also aims to raise corporate taxes and implement a global minimum tax. This plan includes sustaining IRS funding, which has been a point of contention in Congress.
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