{"id":2002123,"date":"2023-08-16T05:30:04","date_gmt":"2023-08-16T09:30:04","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy-2\/"},"modified":"2023-08-16T05:33:18","modified_gmt":"2023-08-16T09:33:18","slug":"up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy-2","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy-2\/","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-2%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=2002123&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 \u2064Debate:\u2062 Up For Debate<\/h2>\n<p>The first Republican \u2063presidential\u200b debate\u200b is\u2063 fast approaching on Aug. 23, \u2063when candidates will hope to close the gap on former President Donald Trump and separate \u2064from the rest of the pack. In\u2064 this series, Up For Debate, the \u2064Washington Examiner \u200bwill look at a key issue or policy every day\u2063 up until debate day \u2064and where key candidates stand. Today\u2019s story will examine tax policy.<\/p>\n<h3>A Key \u2062Issue:\u200b Tax Policy<\/h3>\n<p>A key \u2064issue\u2063 that any prospective\u200b presidential administration will face\u2063 is how\u2063 to \u200dhandle \u2062tax policy,\u200b and taxes will undoubtedly be discussed during\u2063 the first debate of the GOP primary season.<\/p>\n<p>The \u20622017 Tax Cuts and Jobs Act was the biggest\u200b revamp \u2063of the federal tax code in\u2062 years and the biggest fiscal policy change during former President Donald Trump\u2019s time in office. Many of the provisions in the law are \u200dscheduled to sunset shortly \u2062after the 2024 elections and some\u200c already\u2064 have. Extending those tax changes will likely be one of the first legislative challenges should a\u2064 Republican\u2064 oust President Joe Biden next year.<\/p>\n<p>The \u2062expiring tax provisions, commonly referred\u200d to as the \u201cTrump tax cuts\u201d or \u201cRepublican tax cuts,&#8221; \u200ccoupled with a looming \u2062debt limit expiration, have created a massive fiscal\u2063 cliff set\u2062 to hit\u200b in early \u20632025.<\/p>\n<h2>Up For \u200cDebate: Where Trump, DeSantis, \u200cand Rest of Republican 2024 Field Stand\u200c on Key \u2063Issues<\/h2>\n<p>The stakes are\u2062 high. If Republicans overperform in \u20642024, winning the White House and both chambers of Congress, they could rewrite and expand \u2063those tax breaks. If Democrats amass majorities in\u200c Congress, though,\u200b they could achieve wish list changes\u200d such as\u200b more taxes\u200d on the wealthy and a \u200bhigher corporate tax rate.<\/p>\n<p>Here is where the candidates stand on taxes:<\/p>\n<h3>Donald Trump<\/h3>\n<p>Trump will \u200dtout his namesake\u2063 tax package\u200c as proof of \u200dhis low-tax bona\u2064 fides. The \u200dpackage was a massive success for \u2062Republicans who were able to push \u200dthe deal through the Senate\u200c with the unified support\u2062 of the entire Republican conference.<\/p>\n<p>Among other things, \u200bthe tax package\u200b lowered \u200cthe corporate tax rate to 21% from 35% \u2062and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/up-for-debate-trump-desantis-and-2024-gop-hopefuls-stance-on-tax-policy-2\/\" title=\"Debate: Trump, DeSantis, and 2024 GOP candidates' tax policy stance.\">lowered individual income tax\u200c rates<\/a>.<\/p>\n<p>Some of the provisions set \u200cto\u2064 <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 ability for pass-through businesses to take a 20%\u2062 deduction. \u2063The 2017 tax\u200b law \u200balso doubled the estate tax exemption, also known as the &#8220;death tax.&#8221; \u2064That allowed people to keep more of \u2063their inheritance before being \u2064hit by federal \u2062taxes. Additionally,\u2064 the $10,000 cap on deductions\u200d for \u2064state and local taxes paid is set to end. The cap was introduced as a pay-for by Republicans, as the deductions \u2063largely benefit wealthy people \u200cin high-tax states.<\/p>\n<p>Trump is expected to talk \u200cabout the tax package during the debate and will point to it \u200cas part of the reason why the economy was humming along\u200b 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\/oil-edges-higher-buoyed-by-tighter-supplies-china-stimulus\/\" title=\"Oil prices rise due to reduced supplies and stimulus measures in China.\">gross domestic\u2062 product growth<\/a> was positive.<\/p>\n<p>Some barbs that Trump could\u2063 face are\u200c how his signature\u200b tax plan, and potential extensions, affect the national debt and deficit. The Committee for a Responsible Federal Budget released\u200c a report this \u2062week that \u200dfound that extending the TCJA without\u200c offsets\u200c would cost over $3.3 trillion through\u200c the next decade\u200b and boost debt \u2062to 125% of GDP \u2063by 2033.<\/p>\n<p>But Trump and his allies have argued that the\u2062 tax plan pays for \u2062itself in the long\u200b term by unleashing increased \u200cgrowth and spending.<\/p>\n<h3>Ron DeSantis<\/h3>\n<p>Trump\u2019s closest contender, while still far off in the polling, is Gov. \u2062Ron DeSantis (R-FL). \u200cDeSantis \u2064generally \u2063prefers lower taxes and was one of the Republicans \u2064who voted for Trump\u2019s 2017 tax cuts while he was serving as a congressman from Florida.<\/p>\n<p>DeSantis\u2019s time \u200bin \u200bCongress and his \u2062record \u2063on \u2064tax policy as Florida\u2019s governor will likely be\u2062 scrutinized during\u2063 the debate later this month.\u2064 Trump\u2019s campaign, \u2063which is\u2064 known for branding opponents with different antagonizing\u200c names, has dubbed DeSantis \u201cRon DeSalesTax\u201d because \u200bof his \u200csupport for the Fair \u2064Tax Act of 2015, which would have imposed \u2062a 23% sales tax.<\/p>\n<p>Proponents of a so-called fair tax envision \u200dsimplifying the tax code by scrapping the income tax, payroll \u2062tax, corporate taxes, gift\u2063 taxes, and the estate \u2062tax\u2064 altogether and replacing them with a nationwide consumption tax on goods and services.<\/p>\n<p>While it is true that DeSantis offered support for the plan,\u200d which had\u200d virtually no chance of becoming law, he \u200dwill argue that the higher sales \u200dtax involved would not have increased \u200cthe tax burden for families because it would \u2064have been offset \u200cby lower or eliminated levies\u2064 in\u200b other parts of the tax code.<\/p>\n<p>DeSantis\u200c will likely highlight \u2062his record \u2064as governor during the debate. In February, DeSantis announced a plan to \u200doffer the largest tax relief program in Florida\u2019s history. \u2062The plan\u200c would save taxpayers in \u2064the state some\u200c $2 billion during fiscal\u200d 2024, according to \u2064the governor\u2019s office.<\/p>\n<p>He also approved\u200b a yearlong program that provides taxpayers with toll payment relief. The plan automatically gives \u2064customers\u2064 with \u2062at least 35 monthly toll transactions a 50% credit \u200bto their account.<\/p>\n<h3>Tim Scott<\/h3>\n<p>Sen. Tim Scott\u2064 (R-SC) \u2064is another candidate who will be looked at through \u200dthe lens of what policies he has supported \u2064while on\u200d Capitol Hill. He\u2064 has\u2064 been a stalwart against higher taxes\u200b and, like DeSantis, voted for the historic 2017 tax cuts.<\/p>\n<p>More recently, Scott, who is chairman of the powerful \u200dSenate Banking Committee, has vociferously pushed \u2062back\u200c against the efforts \u200cof the Biden administration and congressional Democrats \u2064to supercharge the\u2064 IRS with \u2064funding.<\/p>\n<p>Democrats contend \u2062that imbuing the\u200c IRS \u200bwith more money \u200bwill allow it to better handle \u200dits massive job and thus \u200crecoup more tax revenue, lowering the deficit. Republicans,\u200b though, saw the infusion \u200das something that will\u200b lead to more audits for\u200d working-class Americans and fear \u2064potential weaponization within the\u2062 tax agency.<\/p>\n<p>Earlier this year Scott introduced the IRS Accountability \u2064and\u200d Taxpayer Protection Act, which is a piece \u2063of \u2062legislation designed to \u200dprohibit the IRS from using penalties to \u2063bargain for resolutions more favorable to the agency.<\/p>\n<p>\u201cWhen an IRS \u2063agent comes \u200dknocking \u200bon \u2063the door of the wealthy, they\u2019re met with lawyers and legal fees; however, working-class Americans \u2062aren\u2019t \u200dafforded this \u200cluxury,\u201d Scott said in a statement. \u201cI won\u2019t stand \u200bfor President Biden and congressional Democrats \u200bshaking down the \u200bAmerican middle class to pay for their radical,\u200b socialist agenda, and I \u200cencourage the Senate\u2062 to\u2064 take up \u200bmy legislation to \u2062provide \u2063meaningful protections for hard-working people.\u201d<\/p>\n<h3>Nikki Haley<\/h3>\n<p>Former South Carolina Gov. Nikki Haley, who also served as Trump\u2019s ambassador to the United Nations, generally supports lowering the country\u2019s \u2064tax burden, in addition to cutting spending and lowering\u200d the country\u2019s deficit. She\u200d was a\u2064 supporter\u200b of the 2017 tax cuts and\u2063 said the plan \u201cput more \u200bmoney in the pockets of hard-working Americans.\u201d<\/p>\n<p>\u201cSome of the biggest relief \u200cwent to low- and \u2063middle-income families \u2014 those \u200cearning between $25,000 \u2064and $100,000. Millions got bonuses and wage hikes, too,\u201d \u200dshe\u200c said.<\/p>\n<p>Haley veers\u200c from Trump in \u2063her support\u200b for some form \u200bof\u200b entitlement reforms, though. Despite her support for some entitlement reform, in a \u2064June\u2063 interview \u200cwith the Washington Examiner she pledged she &#8220;would not raise taxes&#8221; to fund\u200b the coming shortfalls for Medicare and Social\u200d Security.<\/p>\n<h3>Vivek Ramaswamy<\/h3>\n<p>Vivek Ramaswamy, who \u2062gained prominence for his \u200bfierce opposition to corporate environmental, social, and governance investing, \u2064supports cutting taxes\u2064 in order to spur economic growth.<\/p>\n<p>During a recent interview with the \u2062Wall Street Journal,\u2062 the 38-year-old \u200dentrepreneur said that \u2062his tax policy envisions tax rate cuts for both individuals and businesses.<\/p>\n<p>\u201cSo if I&#8217;m governing\u2063 as\u200b president, absolutely, corporate tax rate cuts \u200cas well\u2062 as individual tax rate cuts, in a\u2063 way\u2064 that also\u2063 squeezes \u200bout the, \u2062let&#8217;s just say the regulatory-industrial complex of the \u200btax arbitrage created out of the complex tax code that we have,\u201d Ramaswamy said.<\/p>\n<p>Others<\/p>\n<p>Of all the Republican presidential contenders besides Trump, former Vice President Mike Pence might have the closest ties to the 2017 tax changes. Pence has praised \u200cthe law and\u200c viewed it as a \u2064major \u200dachievement from the days of the administration.<\/p>\n<p>Another contender, former New Jersey Gov. Chris Christie, who has made\u200c headlines for supporting entitlement reform, including raising\u2064 the retirement \u2062age, took an \u200binteresting stance on the $10,000 \u2063cap\u2064 on deductions \u200bfor state and local taxes that was imposed by \u200dthe\u2064 2017 tax cuts.<\/p>\n<p>Christie \u200btold Bloomberg that \u2062he\u2062 would keep it in place, even despite many\u200d Republicans from his state wanting it to be \u200blifted or eliminated.<\/p>\n<p>\u201cI \u200bdon\u2019t think that the rest of the country should be paying for the excessive taxes that we had in\u200b New Jersey, and \u200dNew\u2064 York, and Illinois, and \u200bCalifornia,\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\u200c HERE\u2064 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 with ex-President Donald Trump and stand out from the competition. Leading up to the debate, the Washington Examiner will analyze a significant issue or policy daily, focusing on key candidates.<\/p>\n","protected":false},"author":1,"featured_media":2002124,"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-2002123","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\/2002123","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=2002123"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2002123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2002124"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2002123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2002123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2002123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}