President Joe Biden signaled on Wednesday that if he wins re-election this fall that Americans should expect to see an increase in their taxes, which comes as many are struggling from the high inflation rates that have defined Biden’s presidency.
“Donald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,” Biden claimed in a post on X. “That tax cut is going to expire. If I’m re-elected, it’s going to stay expired.”
A report from the Tax Foundation last month explained that Congress has less than two years to prevent “the vast majority” of Americans from getting hit with tax hikes.
The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017, a law that simplified taxes and reduced taxes “across the income spectrum,” the report said.
“The TCJA…
