Reported 6 months ago
The White House released a memo linking the extension of Trump-era tax cuts to potential inflation, with concerns that the Republican push to deepen these cuts could trigger an "inflation bomb" and raise costs for middle-class families. President Biden aims to extend parts of the law impacting those making under $400,000 annually, while allowing other provisions to expire to effectively increase taxes on the wealthiest Americans. Republicans warn against economic turmoil from rate increases and are considering new cuts, including lowering the corporate tax rate. The memo also addresses the corporate tax rate, with Biden wanting to raise it to 28% while Trump seeks to lower it further to 15%. Discussions on tax policies are likely to intensify in the lead-up to the 2025 debate.
Source: YAHOO