Donald Trump has vowed to double tax cuts if he wins a second term as president, distinguishing himself from President Joe Biden, who has called for higher taxes on businesses and the richest Americans.
“Instead of a Biden tax increase, I will give you a big tax cut for the middle class, the upper class, the lower class and the business class,” Trump said at a Saturday rally in Wildwood on the New Jersey shore.
Whichever candidate wins the White House in November will face tax negotiations in 2025 as Trump’s 2017 personal income tax cut expires unless Congress acts.
Biden, who is gearing up for a campaign rematch with Trump, said he would repeal tax cuts that benefit households earning more than $400,000 and raise taxes on wealthy Americans and large corporations.
Limits on inheritance tax and deductions for business owners, which have been criticized for skewing tax breaks towards high-income earners, also expire at the end of next year.
Trump’s comments Saturday shed more light on his emphasis on tax cuts across the board, including for the highest earners and businesses. The presumptive Republican presidential nominee has yet to release a formal tax plan.
Economic advisers in Trump’s orbit meet regularly with him to present him with policy ideas, including a flat tax and other ideas for further tax cuts. Trump told advisers earlier this year that he was considering extending his personal tax cuts, keeping the corporate rate at 21% rather than cutting it to the 15% he championed while in office.