Biden Administration and GOP Prepare for Showdown Over Expiring 2017 Tax Cuts
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The Biden administration and GOP are gearing up for a tax showdown over the expiring 2017 tax cuts. If extended, it would add $4.6 trillion to the national debt, but if all the cuts expire, most households would see increased payments to the IRS. Biden aims to extend middle-class tax cuts while raising taxes on profitable companies and the wealthy, emphasizing tax fairness. Trump opposes tax hikes, claiming it would harm the economy. The challenge lies in how Biden would lower the deficit without including the cost of extending tax cuts for those making under $400,000. Republicans may need to consider spending cuts to address higher debt loads, which could lead to higher interest rates. #TaxShowdown #BidenAdministration #GOP #TaxCuts #TaxFairness...

#newstr #BidenAdministration #Gop #TaxCuts #Taxes #LaelBrainard #Corporations #Wealthy #Middleclass #NationalDebt #EconomicGrowth 

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