Washington, D.C. — Key members of the House Republican majority have announced intentions to make the temporary personal and estate tax changes included in the 2017 Tax Cuts and Jobs Act (TCJA) permanent. These changes, which slashed taxes for the wealthy, are currently slated to sunset at the end of 2025. Today, the Center for American Progress released a new report that contrasts the TCJA’s tax cuts to the tax proposals included in President Joe Biden’s fiscal year 2024 proposed budget and finds that the two sets of proposals put forth vastly different visions for the future of the nation’s tax laws.
The new report concludes that President Biden’s proposal would make important progress toward eliminating preferences that treat income from wealth more favorably than income from work and would reform the child tax credit so that it benefits more American families. In contrast, extending the temporary provisions in the TCJA would entrench the costly and regressive changes made by the 2017 law.
“We need to make sure that the wealthy and profitable corporations begin to pay their fair share. President Biden’s proposals offer a vision for how to achieve this and would lead to greater equity, support parents, and raise revenue to support critical investments and fiscal stability,” said Jean Ross, a senior fellow at CAP and author of the report.
Read the report: “Biden Tax Proposals Would Correct Inequities Created by Trump Tax Cuts and Raise Additional Revenues” by Jean Ross
For more information or to speak with an expert, please contact Sarah Nadeau at [email protected].