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the TRUMP tax cuts that primarily benefitted the lower/middle class are set to expire.
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Most of the benefits flow to corporations and the wealthy
More than three-quarters of the $1.1 trillion in individual tax cuts will go to people who earn more than $200,000 a year in taxable income, who constitute only about five percent of all taxpayers
The Middle Class Will Pay the Price for Trump’s Tax Cuts for the Wealthy, Including Repealing the Affordable Care Act
Former President Donald Trump has proposed tax cuts of up to $400,000 for the wealthiest households—that middle-class Americans would fund through higher living costs.
This Tax Day, Americans should be aware that former President Donald Trump has proposed increasing low- and middle-income families’ cost of living to offset direct tax cuts for the wealthiest households. His best-known proposal would extend the portions of the Tax Cuts and Jobs Act (TCJA) of 2017 due to expire after 2025. But his plan to repeal the Affordable Care Act (ACA), which has received far less attention as a tax policy matter, also could be a vehicle to deliver enormous tax cuts to the wealthiest households.
President Joe Biden, on the other hand, has proposed a 2025 budget that would offer financial relief to middle-class households. He would extend expiring tax cuts for low- and middle-income families—including enhanced financial help for ACA health plans—as well as enact further financial relief through expanding the child tax credit. He would pay for this by raising taxes on the wealthy and large corporations.
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