America E
Biden will send rates soaring as Trump cuts expire. BY DAVID A. PATTEN
conomists, corporations, and small businesses nation- wide are bracing for historic tax hikes if Democrats prevail
in November. The primary concern: the expira-
tion next year of former President Donald Trump’s Tax Cuts and Jobs Act (TCJA). Unless the TCJA is extended, President Joe Biden will allow indi- vidual income tax rates to jump to 4% depending on marital status and income bracket. Although the TCJA’s corporate tax provisions — which were widely cred- ited with reinvigorating the economy by slashing the rate from 35% to 21% — are not scheduled to expire next year, there’s no guarantee corporate taxes won’t go up anyway. Budgets submitted by Biden would
raise corporate taxes back up to 28%. Trump, by contrast, has suggested slashing it even further — to 18%.
It’s just part of the vast chasm sepa-
rating Democrats’ taxation and eco- nomic policies from those of Trump. Which party prevails in November is likely to impact the lives of millions of Americans for decades to come. “The difference is massive,” Trump
economic strategist Stephen Moore, a Heritage Foundation senior fellow, tells Newsmax. “When it comes to taxes, Trump is
on Venus and Biden is on Mars. Biden proposes the largest tax increase in U.S. history. His plan is basically just all income redistribution.” The choice voters face in Novem-
ber will decide whether the United States refocuses tax policy on equaliz- ing the playing field and sucking more money out of the economy to use on federal spending, or opts for more free market expansion to bolster U.S. pros- perity for future generations. It’s a tale of two drastically different outcomes, depending on whose poli- cies prevail.
THE GOP-DEMOCRAT DICHOTOMY Biden’s plan to reengineer the U.S. economy is clearly reflected in the budgets he submitted to Congress. Before Trump took office in Janu-
ary 2017, the corporate tax rate stood at a staggering 35%, U.S. corporations were struggling to compete, and capi- tal was bleeding offshore. Trump’s TCJA dropped the rate
to 21%, and by all accounts it worked. Trump has indicated he’d like to drop it even further, perhaps to 18%. The Biden economic team wants to
raise it from 21% to 28%. Biden wants Congress to let the
other tax-friendly provisions of Trump’s TCJA expire next year, restoring tax loopholes that benefit Democrat donors. Trump wants to make the TCJA permanent. Biden proposes more than dou-
bling the capital gains tax, currently set at 20% or less, to a top marginal rate of 44.6%.
Norquist Praises Trump’s Anti-Tax ‘Genius’
A stroke of genius.” That’s how Grover
NORQUIST 14 NEWSMAX | AUGUST 2024
Norquist of Americans for Tax Reform characterized former President Donald Trump’s groundbreaking proposal in June to end the income tax
on gratuities. Trump rolled out the idea while speaking at a rally in Nevada — a swing state where the hospitality industry reigns supreme. “People that get tips,
you’re going to be very happy because when I get to ofice, we are going to not charge taxes on tips,” Trump said. “We’re going to do that right away, first thing in ofice.” Shortly after that
Brace for
History’s Biggest Tax Hikes
DOLLARS/SEAN GLADWELL/GETTY IMAGES / ARROW/HERBA MYKHAILO©ISTOCK / NORQUIST/ NICHOLAS KAMM/AFP VIA GETTY IMAGES
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