President Joe Biden speaks at a campaign stop at the Dr. Martin Luther King, Jr. Recreation Center in North Philadelphia in April.is doing just that as he’s out on the stump promising Americans he will allow Trump-era tax cuts to expire.
The issue isn’t the corporate tax rate — that does not expire. Biden’s promise to let tax cuts expire for individuals and small businesses will crush working people already suffering under the boot of Bidenomics.were people making between $25,000 and $50,000. These working men and women saw their taxes slashed by just over 24%. Those making between $50,000 and $75,000 got a 20% cut. Those in the higher income brackets of $75,000 to $100,000 paid 17.4% less in federal taxes.
Today, thanks to soaring inflation under Biden, all that progress is in jeopardy. The president’s promise to let the Tax Cuts and Jobs Act expire could have catastrophic effects for working families in Pennsylvania.— a bipartisan group focused on improving lives through tax policy — the typical family of four making $85,000 would be forced to pony up nearly $1,700 more in taxes if the Tax Cuts and Jobs Act expires.