President Joe Biden indicated on Wednesday that in the event of his re-election this autumn, Americans should anticipate a rise in their taxes.
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt. That tax cut is going to expire. If I’m re-elected, it’s going to stay expired.” Biden wrote on his X account.
This announcement comes at a time when many individuals are grappling with the significant inflation rates that have characterized Biden’s presidency.
According to a recent research by the Tax Foundation, Congress has a limited time frame of fewer than two years to take action in order to protect the majority of Americans from seeing tax increases.
Biden’s decision to allow the statute to expire contradicts his earlier commitment to refrain from increasing taxes for individuals earning less than $400,000 annually.
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