Donald Trump has promised to implement extensive tax cuts across various income brackets and business sectors if he secures a second term as president, in contrast to President Joe Biden's proposal for tax hikes on businesses and the wealthiest Americans.
Donald Trump Promises to Make Tax Cuts for All Classes
At a Saturday rally in Wildwood, New Jersey, Donald Trump emphasized his commitment to a comprehensive tax cut plan that would benefit the middle class, upper class, lower class, and businesses.
"Instead of a Biden tax hike, I'll give you a Trump middle class, upper class, lower class, business class big tax cut," Trump told the crowd, according to Fortune.
The former president positioned himself in direct opposition to Joe Biden's plan. While Biden's proposal aims to extend the 2017 cuts for those making less than $400,000, it would also raise taxes on wealthy individuals and large companies.
Tax Negotiations Ahead of the 2024 Election
After the November election, the presidential winner will face tax negotiations in 2025 as the personal income tax cuts from Donald Trump's 2017 law will end without congressional action.
While Trump has yet to release a formal tax plan, his economic advisers have been discussing various proposals with him. Earlier this year, the former president reportedly told his advisers he wanted to maintain the current corporate tax rate of 21% instead of reducing it.
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