(C) Common Dreams
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Biden economic advisor unveils 'key principles' for tax policy plan ahead of expiring Trump tax cuts [1]

['Kate Dore', 'Cfp', 'In Katedore']

Date: 2024-06-13

Director of the National Economic Council Lael Brainard speaks at the White House in Washington, D.C., on Jan. 11, 2024.

President Joe Biden's top economic advisor on Thursday unveiled plans to address trillions of dollars in expiring tax breaks enacted by former President Donald Trump.

After 2025, several provisions from the Tax Cuts and Jobs Act, or TCJA, of 2017 will expire without action from Congress, which could increase taxes for more than 60% of filers, according to the Tax Foundation.

Some expiring individual provisions include lower federal income tax brackets, a higher standard deduction, a more generous child tax credit and doubled estate and gift tax exemption, among others.

"President Biden plans to extend tax cuts for hardworking Americans by making sure the wealthiest and big corporations pay their fair share," White House National Economic Advisor Lael Brainard told reporters Wednesday evening during a press call.

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Biden will follow "key principles" to support middle-class and working families as the 2025 tax cliff approaches, Brainard said.

Expiring TCJA provisions could affect all Americans, but Brainard reaffirmed Biden's pledge to extend tax breaks only for those making less than $400,000. Aiming to raise revenue for his "commitment to seniors and fiscal responsibility," Biden would allow TCJA provisions to expire for those making more than $400,000, Brainard said.

By comparison, former President Donald Trump has said he plans to extend all expiring TCJA provisions.

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[1] Url: https://www.cnbc.com/2024/06/13/biden-tax-policy-expiring-trump-tax-cuts.html

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