(RestoreAmericanGlory.com) – This year might bring the end of the 2017 Trump tax cuts, however, the GOP is hoping to be able to pass an extension to former President Donald Trump’s signature law in the Congress and White House.
During the Trump administration, the Democrats had been opposed to the establishment of the law, however, they appear to be willing to consider supporting an extension to certain cuts, including a decrease in the tax rates for all those making under $400,000 each year. The Democrats however are not looking to pass a blanket extension as this would end up costing the United States close to $4 trillion in the next decade.
President Biden had been in support of increasing the corporate tax rate by up to 28 percent, which would mark a 7 percent increase from the 21 percent under the Trump administration. He has also been pushing for additional taxation on the wealthy to cut down on the deficit by $3 to $4 trillion over the next decade.
Republicans, who are currently the majority in the House, have been pushing for the extension which is likely to pass even though the government is divided. However, it is unlikely that in dealing with the tax cuts expiration the government will opt to return the tax code to its 2017 levels.
Institute on Taxation and Economic Policy (ITEP) policy director Steve Wamhoff argued that the Republicans wanted to have everything extended. However, as he pointed out, a lot of the Democrats also wanted to extend a number of these things. He added that there was pressure that if Congress did not take action there would be an increase in taxes, which is always perceived to be a bad thing.
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