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Biden Chief Economic Advisor Promises Relief For Middle Class, Sets Sights On Overturning Corporate Tax Cuts: Report

Nabaparna Bhattacharya
May 11, 2024

President Joe Biden‘s chief economic adviser reportedly vowed that Democrats would seek to overturn Trump’s corporate tax cuts in 2025, sparking a potential clash with the GOP over a tax law with expiring provisions.

“It’s clear we need to end the 2017 tax breaks for the ultra-wealthy and scale back costly permanent corporate tax breaks,” White House National Economic Council Director Lael Brainard said Friday during a speech in Washington, Bloomberg reported. “Our tax system currently asks much less of corporations than it used to.”

Policymakers anticipate significant tax negotiations next year, regardless of election outcomes. Biden aims to raise federal corporate tax to 28%, a compromise between Trump’s 21% and the previous 35%, Bloomberg added.

Individual tax cuts are slated to lapse by 2025, posing potential hikes for all income brackets unless Congress intervenes. Additionally, estate tax limits and business owner deductions, criticized for favoring high earners, will also expire, the report said.

“Any outcome that does not preserve the current tax breaks for the middle class is one that the president wouldn’t be able to accept,” Brainard said at the Brookings Institution.

Biden has vowed no tax hikes for households earning under $400,000 yearly. Brainard confirmed Biden’s backing to renew tax cuts for this bracket, offsetting costs with increased taxes on the affluent and corporations.

“At minimum, we should avoid making the fiscal hole created by Republican tax cuts deeper,” Brainard said. “We should use the 2025 tax debate as an opportunity to raise revenue overall.”

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Read Next: Joe Biden Mocks Donald Trump’s Advice To Inject Bleach: ‘I Wish He Had Done A Little Bit Himself’

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