“President Biden and Republicans are gearing up for a hyperbolic election-year battle over extending the 2017 law that lowered taxes for individuals and businesses. Ignore the noise. Most of the fight is already over, and tax cuts are winning again,” the Wall Street Journal reports.
“The core individual tax provisions of the 2017 law, which Republicans pushed through Congress and then-president Donald Trump signed, are scheduled to expire after 2025. That means lawmakers will have to revisit the tax cuts shortly after the election, no matter who wins control of Congress and the White House. Biden calls the law an expensive failure and an unjustified giveaway to the wealthy, while Republicans promise to extend all of the tax cuts, which they see as an unqualified economic success.”
“The reality: Even if Biden is re-elected, most of the 2017 law isn’t going away. In his budget, Biden has already proposed extending Trump’s tax cuts for almost all households, and he has promised to avoid raising taxes on anyone making under $400,000.”
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