President Biden and former President Trump — the presumed candidates of their respective political parties — will square off in the first presidential debate on Thursday night, June 27. While many topics could be on the table for the two US leaders to discuss, from inflation to foreign trade policies, one could take center stage above the rest: Taxes.
Market Domination welcomes on Tax Foundation Senior Economist and Research Director Erica York to discuss Trump and Biden's tax policies, especially as Trump-era tax cuts (also known as the TCJA — Tax Cuts and Jobs Act) are set to expire in 2025. Dating back to 2017, the TCJA tax cuts did succeed in bringing taxes down for a majority of Americans and enhancing "domestic investment." Which all leaves York pondering:
"And so the question going forward is if you let the tax cuts expire, about 62% of taxpayers would see their tax bills go up starting in 2026, when those would expire. Do we want to increase taxes for 62% of Americans? And in doing so, worsen these incentives for work and investment going forward?"
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York hopes both Biden and Trump will fill in the blanks on their policy promises to lower taxes for Americans below a certain income level, as well as the long-term implications both candidates' tariff plans will have on the American consumer.
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This post was written by Luke Carberry Mogan.
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