Biden uses new speech to argue Trump's tax plans are a political liability
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Joe Biden argues that Donald Trump's tax plans would be politically toxic and a liability in the upcoming election. Biden claims that another round of tax cuts for the richest Americans and corporations would increase the federal deficit by $5 trillion over 10 years. He also states that these plans would worsen inflation and anger voters who believe that the wealthy and corporate America are not paying their fair share. Biden's campaign is linking tax policy with issues such as abortion and defending democracy, hoping to win over voters. However, it remains to be seen if voters will agree, as Biden still faces low approval ratings and is trailing Trump in key swing states. Trump's tax cuts, which expire in 2025, will be a major issue in the 2024 campaign. Biden plans to allow the tax cuts to expire for households earning over $400,000, while Trump wants to extend or make them permanent. The debate also includes corporate taxes, with Biden proposing to raise the statutory rate to 28% and Trump wanting to cut it to 15%. Biden's focus on taxes extends to the 2017 tax cuts and Trump's plans to repeal high-income tax provisions in the Affordable Care Act. Trump believes that his tax cuts and deregulation led to a strong economy and promises a return to those policies. He has also been fundraising from billionaires who support his tax approach. The outcome of the election will determine the future of tax policy in the United States.
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