{"id":2229818,"date":"2024-04-25T07:49:02","date_gmt":"2024-04-25T11:49:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-signals-tax-hike-if-re-elected-as-americans-struggle-from-his-inflation-crisis\/"},"modified":"2024-04-25T07:50:52","modified_gmt":"2024-04-25T11:50:52","slug":"biden-signals-tax-hike-if-re-elected-as-americans-struggle-from-his-inflation-crisis","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-signals-tax-hike-if-re-elected-as-americans-struggle-from-his-inflation-crisis\/","title":{"rendered":"Biden hints at tax increase amid inflation crisis"},"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\">16<\/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%2Fbiden-signals-tax-hike-if-re-elected-as-americans-struggle-from-his-inflation-crisis%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=2229818&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--><p>President\u2063 Joe Biden hinted at possible\u2062 tax hikes \u200bif re-elected, \u200dmentioning the struggles of Americans\u200b due\u2064 to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/more-americans-are-making-withdrawals-from-their-401ks-as-inflation-hits-households\/\" title=\"As inflation rises, more Americans tap into their 401(k)s for withdrawals.\">high inflation \u200crates<\/a> during\u2062 his presidency. He contrasted this with Donald Trump&#8217;s tax cut benefitting the wealthy. Biden&#8217;s statements were \u2062shared on X. If you want\u2062 to explore further, click<a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1782904787966558608\" target=\"_blank\" rel=\"noopener\"> here<\/a>.\u200b President Joe Biden hinted\u200c at <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/american-households-owed-hundreds-of-billions-more-than-usual-this-tax-season-report-says\/\" title=\"American Households \u2018Owed Hundreds Of Billions More Than Usual\u2019 This Tax Season, Report Says\">potential tax increases<\/a> if re-elected, acknowledging the\u200d challenges\u2063 Americans face\u2064 due to high inflation rates under his \u2064administration. He compared this to \u2063Donald Trump&#8217;s tax cuts that\u2062 primarily favored the affluent. \u2063For more details on\u2063 Biden&#8217;s remarks, click [here](https:\/\/twitter.com\/JoeBiden\/status\/1782904787966558608).  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p>President Joe Biden signaled on Wednesday that if he wins re-election this fall that Americans should expect to see an increase in their taxes, which comes as many are struggling from the high inflation rates that have defined Biden\u2019s presidency.<\/p>\n<p>\u201cDonald Trump was very proud of his $2 trillion tax cut that overwhelmingly benefited the wealthy and biggest corporations and exploded the federal debt,\u201d Biden <a href=\"https:\/\/twitter.com\/JoeBiden\/status\/1782904787966558608\" target=\"_blank\" rel=\"noopener\">claimed<\/a> in a post on X. \u201cThat tax cut is going to expire. If I\u2019m re-elected, it\u2019s going to stay expired.\u201d<\/p>\n<p>A <a href=\"https:\/\/taxfoundation.org\/data\/all\/federal\/tax-calculator-tcja-expiration\/\" target=\"_blank\" rel=\"noopener\">report<\/a> from the Tax Foundation last month explained that Congress has less than two years to prevent \u201cthe vast majority\u201d of Americans from getting hit with tax hikes.<\/p>\n<p>The law that Biden wants to let expire is the Tax Cuts and Jobs Act (TCJA) of 2017, a law that simplified taxes and reduced taxes \u201cacross the income spectrum,\u201d the report said.<\/p>\n<p>\u201cThe TCJA reduced average tax rates for taxpayers at all income levels because it lowered marginal tax rates, widened tax brackets, doubled the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">child tax credit<\/a> and zeroed out personal and dependent exemptions, nearly doubled the standard deduction, and limited several itemized deductions and the alternative minimum tax, among other changes,\u201d the report added. \u201cAverage rates declined across all income groups and have remained below their 2017 levels since.\u201d<\/p>\n<p>Biden\u2019s willingness to let the law expire flies in the face of his previous pledge to not raise taxes on those who earn less than $400,000 per year.<\/p>\n<p><b><a href=\"https:\/\/onelink.to\/dwapp\" target=\"_blank\" rel=\"noopener noreferrer\" aria-describedby=\"sk-tooltip-9096\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/onelink.to\/dwapp&#038;source=gmail&#038;ust=1714129450076000&#038;usg=AOvVaw11MUL_oXewNl-yGfGqnuu8\">CLICK HERE TO GET THE DAILYWIRE+ APP<\/a><\/b><\/p>\n<p>\u201cBiden just endorsed a $2 trillion tax hike on earners under $400k (breaking his no-new-taxes pledge for such earners), and and endorsed cutting the child credit down to $1,000,\u201d said Manhattan Institute Senior Fellow Brian Riedl. \u201cThe White House wants it every way on the TCJA: 1) They demand to end the \u2018Trump tax cuts\u2019 \u2013 and write a budget claiming all the deficit savings from full expiration, but then also: 2) Pledge to extend for the bottom 98%, which costs $2 trillion over the decade.\u201d<\/p>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Biden hinted at potential tax hikes if re-elected, against the backdrop of soaring inflation rates impacting many Americans. This contrasts with Trump&#8217;s $2 trillion tax cut favoring the wealthy. If Biden secures a second term, tax increases may be on the horizon for the middle class<\/p>\n","protected":false},"author":102,"featured_media":2229819,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/Biden-10-scaled.jpg","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-2229818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/dw-wp-production.imgix.net\/2024\/04\/Biden-10-scaled.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229818","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\/102"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2229818"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2229818\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2229819"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2229818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2229818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2229818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}