Republicans are signaling a determination to protect their 2017 tax-cut law and prevent President Biden from making good on campaign pledges to partially undo the measure.
The tax law, enacted after GOP lawmakers sought for years to slash rates for individuals and businesses, was one of former President Trump’s biggest legislative accomplishments. But with Democratic control of Congress, Biden has new avenues for delivering on his 2020 promises.
Biden has called for rolling back the Trump tax cuts on people making above $400,000 a year and to partially reverse the reduction in the corporate tax rate. And even though he has indicated tax increases are not his most immediate priority, Biden has noted they could be a way to finance his spending priorities down the line. Continue reading.