"The [2017] Tax Cuts and Jobs Act (TCJA) lowered rates for individuals of nearly all income levels, though it cut taxes most for the highest earners, and slashed the maximum corporate tax rate from 35 percent to 21 percent. The individual portions of that law expire in 2025, but Republicans who wrote the law made the business tax cuts permanent.
Now GOP lawmakers and some of Trump’s economic advisers are considering more corporate tax breaks — which could expand the national debt by roughly $1 trillion over the next decade, according to researchers at Stanford University and MIT — arguing that they would improve the U.S.’s global competitiveness.
Trump, who was convicted May 30 on 34 felony counts of falsifying business records before the 2016 election, has told potential donors recently that they’ll get a better tax bill with him in charge; without his help, he says, they could face 'the biggest tax increase in history.'” (our emphasis)
After the Malignant Loser told oil company executives that a $1 billion gift to his campaign from them would result in major cuts in regulations, his pitch to wealthy donors is just another example of his pay-to-play, coin-operated approach to governing. It's comparable to the extortion he tried to pull on the Ukrainian government to get manufactured "dirt" on then-candidate Joe Biden, an act that he was impeached for the first time. He apparently can't help himself from either taking bribes or offering bribes.
As far as President Biden is concerned, he wants to alter the tax giveaway that the Malignant Loser put in place to gather donor contributions:
"Biden promises to raise taxes on the wealthiest individuals and corporations, allowing the Trump tax law’s individual rate cuts to expire and pushing for legislation with taxes on businesses to pay for new investments in child and elder care, affordable housing and education. Extending all of the Trump tax law would add $4.6 trillion to the national debt over the next decade, according the Congressional Budget Office, Congress’s nonpartisan bookkeeper.
'Our tax system right now has many, many flaws, and one of them is that we don’t raise enough money from corporations,' a senior administration official told The Post, speaking on the condition of anonymity because they were not authorized to comment publicly." (our emphasis)
Despite warnings about growing income inequality and unrest, the coin-operated MAGA Republicans are heeding their donors in seeking more destructive, unfair tax cuts in 2025 that will explode the debt by trillions, a bill we then send to our descendants.
