“`html
President Joe Biden visited Scranton, Pennsylvania, on Tuesday and called for an increase in taxes on the rich, aiming to make the tax code fair and allow regular American citizens to keep more money in their pockets.
Quick Facts
- President Biden calls for an increase in taxes on the rich to make the tax code fair and benefit regular American citizens.
- The 2017 Tax Cuts and Jobs Act (TCJA) brought significant changes to personal income taxes and estate taxes, with many provisions scheduled to expire by the end of 2025.
- A report by the Tax Foundation predicts the addition of 1.4 million jobs to the economy by 2025 as a result of the TCJA.
During his visit, Biden emphasized the competing visions for the economy, contrasting “Scranton values” with “Mar-a-Lago values,” raising questions of fundamental fairness at the heart of the campaign. The upcoming 2024 presidential election is expected to determine the fate of the tax cuts established by Trump, with many provisions in the TCJA set to expire by 2025.
The TCJA brought about significant changes in personal income taxes and estate taxes, with provisions for small businesses, including a 20 percent pass-through deduction and immediate expensing. The tax cuts for many small businesses led to an increase in wages and bonuses for employees. Wages increased by 4.9 percent in 2018 and 2019, with workers in a lower income bracket experiencing a 50 percent rise in their wages, according to a report from Way and Means Committee Chairman Rep. Jason Smith (R-MO).
While Biden has pledged not to increase taxes on those making less than $400,000, a Biden victory in the upcoming election would likely result in tax increases for middle-class Americans.
The article was originally published on Breitbart.
“`
