Biden ramps up push to end Trump's tax cuts for the wealthy, highlighting the choice in the 2024 election [View all]

(NBC News) WASHINGTON — President Joe Biden is gearing up to raise taxes on wealthy people in the U.S. if he’s re-elected this fall, picking a fight with Republican rival Donald Trump, who is promising even deeper tax cuts if he returns to the White House.

Major parts of the 2017 Trump tax cuts are scheduled to expire at the end of 2025, splitting the two parties over whether to extend or end them. Keeping them would add $3.3 trillion to the debt over the next 10 years, according to the nonpartisan Congressional Budget Office. Democrats are unifying behind a push to raise taxes on upper earners, while Republicans want to keep the tax breaks. The outcome will be decided by the winners of the White House and Congress.

Biden is promising to end the Trump tax breaks for incomes above $400,000 while vowing not to raise taxes for those making less.

“If Trump gets elected, he’ll cut taxes for him and his rich friends at the expense of working families. We can’t let that happen,” Biden said last week on social media.

https://www.yahoo.com/news/biden-ramps-push-end-trumps-110000562.html?.tsrc=daily_mail&segment_id=DY_VTO&ncid=crm_19908-1202929-20240619-0&bt_user_id=%2B1f%2FX3Of8mp%2BqTPCuOR1ay1f3FdAJ0pq2QcLaN8Tm4S767ieo9MKCsb7EB3PMnRU&bt_ts=1718787823638