Paul L. Caron

Saturday, January 23, 2021

NY Times: Biden Wants To Raise Taxes, Yet Many Trump Tax Cuts Are Here To Stay

New York Times, Biden Wants to Raise Taxes, Yet Many Trump Tax Cuts Are Here to Stay:

Donald J. Trump has left the White House. But many of his signature tax cuts aren’t going anywhere.

Democrats have spent years promising to repeal the 2017 Tax Cuts and Jobs Act, which Republicans passed without a single Democratic vote and was estimated to cost nearly $2 trillion over a decade. President Biden said during a presidential debate in September that he was “going to eliminate the Trump tax cuts.”

Mr. Biden is now in the White House, and his party controls both chambers of Congress. Yet he and his aides are committing to only a partial rollback of the law, with their focus on provisions that help corporations and the very rich. It’s a position that Mr. Biden held throughout the campaign, and that he clarified in the September debate by promising to only partly repeal a corporate rate cut.

In some cases, including tax cuts that help lower- and middle-class Americans, they are looking to make Mr. Trump’s temporary tax cuts permanent.

Mr. Biden still wants to raise taxes on some businesses and wealthy individuals, and he remains intent on raising trillions of dollars in new tax revenue to offset the federal spending programs that he plans to propose, including for infrastructure, clean energy production and education. Much of the new revenue, however, could come from efforts to tax investment and labor income for people earning more than $400,000, in ways that are not related to the 2017 law.

New York Times, When Will Taxes Go Up?:

President Biden has unveiled a flurry of actions aimed at unwinding much of the Trump administration’s agenda. But on his predecessor’s signature legislative accomplishment — the huge 2017 tax cut — Mr. Biden is treading much more gingerly.

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