{"id":2002120,"date":"2023-08-16T05:26:03","date_gmt":"2023-08-16T09:26:03","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy\/"},"modified":"2023-08-16T05:31:12","modified_gmt":"2023-08-16T09:31:12","slug":"up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy\/","title":{"rendered":"Debate: Trump, DeSantis, and 2024 GOP candidates&#8217; tax policy stance."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fup-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2002120&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The First Republican Presidential Debate: Up For Debate<\/h2>\n<p>The first Republican presidential debate is fast approaching on Aug. 23, when candidates will hope to\u2062 close \u2064the \u2063gap on former President Donald Trump \u2064and separate from the rest\u2064 of the pack. In this series, \u200cUp\u200c For Debate, the Washington Examiner will look at a key issue or policy every \u200cday\u200b up until debate day and\u200b where key\u200c candidates stand. \u2063Today\u2019s story \u2063will examine tax policy.<\/p>\n<h3>A Key Issue: Tax Policy<\/h3>\n<p>A key issue that any prospective presidential administration will face is how to handle tax policy, and taxes \u2064will undoubtedly be\u200d discussed during the first debate of the GOP primary \u2063season.<\/p>\n<p>The 2017 Tax Cuts and Jobs \u200bAct was\u200b the\u200d biggest revamp\u2064 of the federal \u2064tax code in years and\u2064 the biggest fiscal \u2063policy change during\u2062 former \u200dPresident Donald Trump\u2019s time in office. Many \u200cof the provisions in the \u2062law are scheduled to sunset \u2063shortly after the 2024\u2064 elections\u2062 and some already have. Extending those tax\u200b changes will likely\u2064 be one \u200cof the first legislative challenges should a Republican oust President Joe\u2062 Biden next year.<\/p>\n<p>The expiring\u2063 tax provisions, commonly referred to as the \u201cTrump tax cuts\u201d or \u201cRepublican tax cuts,&#8221; coupled with a looming debt limit expiration, have \u200bcreated a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy-2\/\" title=\"Up for debate: Trump, DeSantis, and 2024 GOP hopefuls' stance on tax policy\">massive fiscal cliff set<\/a> to hit in early 2025.<\/p>\n<h2>Up For Debate:\u200d Where Trump, DeSantis, and Rest of Republican \u200c2024 Field Stand on Key Issues<\/h2>\n<p>The stakes are high. If Republicans overperform in \u200b2024, winning the White House and\u200d both chambers of Congress,\u2062 they \u200ccould rewrite and expand \u200bthose tax breaks. If Democrats amass majorities in Congress, though, they\u200c could achieve wish list changes such as more taxes on the wealthy and a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/im-a-capitalist-but-pay-your-fair-share-biden-praises-democrat-tax-hike\/\" title=\"\u2018I\u2019m A Capitalist,\u2019 But \u2018Pay Your Fair Share\u2019: Biden Praises Democrat Tax Hike\">higher corporate tax rate<\/a>.<\/p>\n<p>Here is where the candidates stand on taxes:<\/p>\n<h3>Donald Trump<\/h3>\n<p>Trump will tout \u200chis \u200bnamesake tax\u200b package \u200das proof of his\u200d low-tax bona \u2062fides.\u200c The\u2064 package was a massive success for Republicans who were able to push the deal through the \u2064Senate with the unified support of the\u200b entire Republican conference.<\/p>\n<p>Among other things, the tax\u2064 package lowered the corporate tax rate\u200d to 21% from 35% and lowered individual income tax \u2062rates.<\/p>\n<p>Some of\u2063 the provisions \u2064set to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy\/\" title=\"Debate: Trump, DeSantis, and 2024 GOP candidates' tax policy stance.\">expire include lower individual income tax rates<\/a> and the \u2064ability\u2063 for pass-through businesses to take a 20% deduction. The 2017 tax law also doubled\u2063 the estate tax \u2062exemption,\u200d also \u200dknown as the &#8220;death tax.&#8221; That allowed people to\u200b keep more of\u200d their \u200binheritance before \u2062being hit by federal taxes. Additionally, the $10,000 cap on deductions for state and local taxes paid\u2063 is set to end. The cap was introduced as\u200b a pay-for by Republicans, as the deductions largely benefit wealthy people \u200din high-tax states.<\/p>\n<p>Trump is expected to talk about the tax package during the debate and will point to \u200dit as part of\u200b the reason why the economy was humming along so well prior to the pandemic. Just before COVID began ripping through the country, the unemployment rate was at an ultra-low 3.5% and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-working-with-reporters-to-reshape-coverage-of-economic-woes-under-biden-as-approval-sinks-report\/\" title=\"White House Working With Reporters \u2018To Reshape Coverage\u2019 Of Economic Woes Under Biden As Approval Sinks: Report\">gross domestic product growth<\/a> was positive.<\/p>\n<p>Some barbs that Trump could \u200dface are how his signature tax plan, and potential extensions, affect the national debt and deficit. The Committee for a Responsible Federal Budget released\u200d a report this week that\u2062 found that extending the TCJA without\u2062 offsets would cost \u200bover $3.3 trillion through the next decade and boost debt to 125% of GDP by\u2064 2033.<\/p>\n<p>But Trump and his allies have argued that the tax plan pays for itself in\u200d the long \u200cterm by\u2063 unleashing increased growth and spending.<\/p>\n<h3>Ron DeSantis<\/h3>\n<p>Trump\u2019s closest contender, while \u200dstill far off in the polling, is Gov. Ron \u200dDeSantis (R-FL). DeSantis generally prefers lower taxes and was\u2062 one\u200c of the Republicans who voted for\u2063 Trump\u2019s 2017 tax cuts while\u2064 he was serving as a congressman from Florida.<\/p>\n<p>DeSantis\u2019s time\u2063 in Congress and his record on tax policy as Florida\u2019s governor will likely be scrutinized during the\u2063 debate \u2064later this month. Trump\u2019s \u200dcampaign, \u2062which is\u2062 known for branding opponents with \u200cdifferent antagonizing names, has dubbed DeSantis \u201cRon DeSalesTax\u201d because of his support for the Fair Tax\u2063 Act\u2063 of 2015, which would have imposed a 23% sales tax.<\/p>\n<p>Proponents of a so-called fair tax envision simplifying the\u2063 tax code by\u2062 scrapping the income\u2064 tax, payroll\u2064 tax, \u200bcorporate taxes, gift taxes, and the\u2064 estate tax altogether and replacing them with a nationwide consumption tax on goods \u200cand services.<\/p>\n<p>While it is true\u200d that DeSantis offered \u200dsupport for the plan, which \u2062had virtually no chance of becoming\u2063 law, he will argue that the higher \u200csales tax involved would \u200bnot have increased\u200d the tax burden\u200d for families\u2063 because it would have been offset by\u200c lower or \u200deliminated levies \u2062in other parts of the tax\u200d code.<\/p>\n<p>DeSantis will likely highlight his record as governor\u2062 during the debate. In February, DeSantis announced a plan to offer the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/deflorida-blueprint-desantiss-economic-record-as-governor\/\" title=\"DeFlorida Blueprint: DeSantis\u2019s economic record as governor\">largest tax relief program<\/a> in Florida\u2019s history. The plan would save taxpayers in the state\u200b some $2 billion\u2064 during fiscal 2024, \u2064according to the governor\u2019s\u2064 office.<\/p>\n<p>He \u2064also approved a yearlong program \u200cthat provides taxpayers\u200d with toll payment relief. The plan automatically gives customers with at least 35 monthly toll transactions a 50% \u200ccredit to their account.<\/p>\n<h3>Tim Scott<\/h3>\n<p>Sen. Tim Scott (R-SC) is another candidate who will be\u2062 looked at \u2063through the lens of\u2063 what policies he has \u2062supported\u200c while on Capitol Hill. He has been \u2063a stalwart\u200b against higher taxes and, like DeSantis, \u200bvoted for the\u200c historic 2017 tax cuts.<\/p>\n<p>More recently, Scott, who is chairman \u2063of the powerful Senate \u200bBanking Committee, has vociferously pushed back \u200dagainst the efforts of the Biden administration and congressional Democrats to supercharge the\u2064 IRS with funding.<\/p>\n<p>Democrats contend that imbuing the IRS with more money will allow it to better handle its massive job and thus recoup more tax revenue, lowering the deficit. Republicans, though, saw the\u200c infusion as something that will lead to more audits for \u200cworking-class Americans and\u200c fear potential weaponization within\u200d the tax agency.<\/p>\n<p>Earlier this year Scott introduced the IRS Accountability and Taxpayer Protection Act, which is a \u2063piece\u200c of legislation\u200c designed \u200cto prohibit the IRS from using\u200d penalties to bargain for resolutions more favorable\u2062 to the agency.<\/p>\n<p>\u201cWhen an IRS agent comes \u2062knocking on the door of the wealthy, \u2062they\u2019re met with lawyers\u2063 and legal fees; however, working-class\u2062 Americans aren\u2019t afforded this luxury,\u201d Scott said\u2062 in a statement. \u201cI won\u2019t stand for \u200bPresident Biden\u2062 and\u2064 congressional Democrats shaking down the American middle class to pay for\u200b their radical, socialist agenda, and I encourage the\u200c Senate to take up my\u2063 legislation \u200dto provide meaningful protections for hard-working\u200b people.\u201d<\/p>\n<h3>Nikki Haley<\/h3>\n<p>Former South\u200c Carolina\u2062 Gov. Nikki Haley, who also served as Trump\u2019s ambassador to the United \u2064Nations,\u2064 generally supports lowering the country\u2019s tax burden, \u2063in addition to cutting spending and lowering the country\u2019s deficit. \u200cShe was a supporter of the 2017\u2063 tax cuts \u2064and said the plan \u201cput more money in the pockets \u200dof hard-working Americans.\u201d<\/p>\n<p>\u201cSome of the biggest relief went to low-\u2064 and middle-income families \u2014 those\u2062 earning between $25,000 and $100,000. Millions \u2064got bonuses and wage hikes, too,\u201d she said.<\/p>\n<p>Haley veers from Trump in\u2062 her support for some form of entitlement reforms, though. Despite her support for some \u2063entitlement reform, in \u2063a June interview with the Washington Examiner she pledged she &#8220;would not raise taxes&#8221; to fund the coming shortfalls for Medicare and \u2064Social Security.<\/p>\n<h3>Vivek Ramaswamy<\/h3>\n<p>Vivek Ramaswamy,\u2062 who gained prominence\u200d for his fierce opposition to corporate\u200d environmental, \u2062social, and governance investing, supports cutting taxes in order to spur economic growth.<\/p>\n<p>During a recent interview with\u200c the Wall Street Journal, the 38-year-old entrepreneur said that his tax policy envisions tax rate cuts for \u2064both\u2063 individuals and businesses.<\/p>\n<p>\u201cSo if I&#8217;m \u2064governing as president, \u200dabsolutely, corporate tax\u200d rate cuts \u2062as well as individual tax rate cuts,\u2063 in a way \u200dthat also squeezes out the, let&#8217;s just say \u2064the regulatory-industrial complex of the tax arbitrage created out of the \u200dcomplex tax code that we have,\u201d Ramaswamy said.<\/p>\n<p>Others<\/p>\n<p>Of all the Republican presidential contenders\u2063 besides Trump, former Vice President Mike Pence might have the closest ties to the 2017 tax \u2064changes. Pence has praised the law and viewed it as a major achievement from the days of\u200c the administration.<\/p>\n<p>Another contender, former New Jersey Gov.\u200d Chris Christie, who has\u2064 made headlines for supporting entitlement reform, including raising \u2062the \u200bretirement age, took\u200b an interesting stance on the $10,000 \u2062cap on deductions for \u200bstate and local taxes that was imposed by the 2017 \u200btax cuts.<\/p>\n<p>Christie told\u200d Bloomberg that he would keep it\u2062 in \u200dplace, even despite many Republicans from his state wanting it to be lifted \u200dor eliminated.<\/p>\n<p>\u201cI don\u2019t think \u200dthat the rest \u200cof the country\u2064 should be paying for the excessive taxes that we had in New Jersey, and New York, and Illinois, and California,\u201d Christie said.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/politics\/up-for-debate-where-trump-desantis-and-rest-of-republican-2024-field-stand-on-key-issues\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The upcoming Republican presidential debate on Aug. 23 is crucial for candidates to catch up to Donald Trump and stand out from the competition. Leading up to the debate, the Washington Examiner&#8217;s series, Up For Debate, will analyze a significant issue or policy daily, focusing on key candidates.<\/p>\n","protected":false},"author":1,"featured_media":2002121,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2002120","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002120","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2002120"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002120\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2002121"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2002120"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2002120"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2002120"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}