President Trump is promising to keep lowering taxes when he is re-elected in November. In a series of tweets, Trump ensured Americans that his administration will pass “Tax Cuts 2.0,” the nickname given to the sequel to the Tax Cuts and Jobs Act from 2017. The previous act was the largest tax code overhaul our country has seen since the Reagan administration. Democrat nominee Joe Biden plans to do the exact opposite vowing to raise taxes on Americans if he is elected on November 3rd.
BIGGEST TAX CUT EVER, AND ANOTHER ONE COMING. VOTE!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
IF YOU WANT A MASSIVE TAX INCREASE, THE BIGGEST IN THE HISTORY OF OUR COUNTRY (AND ONE THAT WILL SHUT OUR ECONOMY AND JOBS DOWN), VOTE DEMOCRAT!!!
— Donald J. Trump (@realDonaldTrump) October 5, 2020
In a report from Fox Business:
It’s unclear exactly what it would include, but the president has previously said he would cut the top capital gains tax rate to 15% from 20%; forgive temporarily deferred payroll taxes; give tax breaks to U.S. companies that bring their operations back from China; and codify changes made in the previous tax overhaul that are slated to sunset in 2025.
Biden, meanwhile, is running on a multitrillion-dollar agenda that would be funded in large part by higher taxes on wealthy U.S. households – which he describes as anyone earning more than $400,000 annually – and corporations. That includes higher income tax rates, an expansion of the payroll tax for Social Security, new tax credits and fewer deductions.
“I will raise taxes for anybody making over $400,000,” Biden said during a recent interview with ABC’s David Muir. “Let me tell you why I’m going to do it. It’s about time they start paying a fair share of the economic responsibility we have. The very wealthy should pay a fair share – corporations should pay a fair share.”
Biden has promised to roll back Trump’s 2017 Tax Cuts and Jobs Act and raise the corporate tax rate to 28% from 21%, restore the top individual tax rate to 39.6% from 37%, tax capital gains as ordinary income, cap deductions for high earners, expand the Earned Income Tax Credit for workers over the age of 65 and impose the Social Security payroll tax on wages above $400,000.
It’s clear that only one candidate truly has American’s best interests at heart. Even from the hospital, President Trump is working hard for the American people and focusing on getting America back on track.
