{"id":501403,"date":"2021-05-12T18:20:09","date_gmt":"2021-05-12T22:20:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=501403"},"modified":"2021-05-12T18:20:20","modified_gmt":"2021-05-12T22:20:20","slug":"bidens-plan-keeps-some-trump-tax-cuts-despite-campaign-promises","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-plan-keeps-some-trump-tax-cuts-despite-campaign-promises\/","title":{"rendered":"Biden\u2019s Plan Keeps Some Trump Tax Cuts, Despite Campaign Promises"},"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%2Fbidens-plan-keeps-some-trump-tax-cuts-despite-campaign-promises%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=501403&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 Joe Biden\u2019s proposal to fund his families plan maintains a tax deduction for some businesses despite promising to remove it during his presidential campaign, CNBC reported.<\/p>\n<p>Biden\u2019s <a href=\"https:\/\/dailycaller.com\/2021\/04\/28\/biden-american-families-plan-spending\/\" target=\"_blank\" rel=\"noopener noreferrer\">families plan<\/a>, which provides universal free pre-K and community college and implements national paid family leave, won\u2019t nix a business tax deduction included in the 2017 <a href=\"https:\/\/dailycaller.com\/2021\/04\/08\/joe-biden-corporate-tax-raise-lose-one-million-jobs\/\" target=\"_blank\" rel=\"noopener noreferrer\">Tax Cuts and Jobs Act (TCJA)<\/a>, CNBC <a href=\"https:\/\/www.cnbc.com\/2021\/05\/12\/-trump-tax-break-for-certain-businesses-get-a-pass-in-biden-plan.html\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>. The provision allows owners of pass-through entities, which are often small businesses, to deduct 20% of their share of the business\u2019 income from their tax filing.<\/p>\n<p>\u201cIt doesn\u2019t benefit folks at the low end, and it\u2019s exceedingly complex, so it\u2019s very difficult to figure out what policy objective it\u2019s designed to accomplish,\u201d Richard Winchester, a Seton Hall University School of Law tax law professor, told CNBC.<\/p>\n<p>\u201cA tax cut on the pass-through side benefits high-income people in a very large way,\u201d Winchester said. <a href=\"https:\/\/dailycaller.com\/2021\/04\/28\/small-business-advocates-joe-biden-100-days-tax-reform-minimum-wage\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>(RELATED: \u2018Disastrous Impact\u2019: Small Business Advocates Criticize Biden\u2019s First 100 Days)<\/strong><\/a><\/p>\n<p>Steve Rosenthal, a senior fellow at the Urban-Brookings Tax Policy Center, said he was \u201cpuzzled\u201d by Biden\u2019s decision to remove the deduction, according to CNBC.<\/p>\n<div id=\"attachment_7190714\" class=\"wp-caption alignnone\" readability=\"33\"><img decoding=\"async\" aria-describedby=\"caption-attachment-7190714\" loading=\"lazy\" class=\"wp-image-7190714 size-full\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-scaled-1.jpg\" alt=\"President Joe Biden meets with Republican and Democratic congressional leaders on Wednesday at the White House. (Doug Mills\/Pool\/Getty Images)\" srcset=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-scaled-1.jpg 2560w, https:\/\/cdn01.dailycaller.com\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-180x120.jpg 180w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-620x413-1.jpg 620w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-768x512-1.jpg 768w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-1536x1024-1.jpg 1536w, https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-2048x1365-1.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\"  style=\"display:none\"><\/p>\n<p id=\"caption-attachment-7190714\" class=\"wp-caption-text\">President Joe Biden meets with Republican and Democratic congressional leaders on Wednesday at the White House. (Doug Mills\/Pool\/Getty Images)<\/p>\n<\/div>\n<p>Under the TCJA tax break provision, individual business owners are able to deduct up to $164,900 from small business income while a couple filing jointly may deduct up to $329,800, according to the <a href=\"https:\/\/www.nfib.com\/advocacy\/taxes\/#:~:text=Pass%2Dthrough%20business%20owners%20(S,%24329%2C800%20for%20those%20filing%20jointly.\" target=\"_blank\" rel=\"noopener noreferrer\">National Federation of Independent Business (NFIB)<\/a>.\u00a0The deduction <a href=\"https:\/\/www.irs.gov\/pub\/irs-utl\/2018ntf-twenty-percent-small-business-deduction.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">effectively reduces<\/a> pass-through business\u2019 tax rate from 37% \u2014 or the highest current income bracket \u2014 to 29.6%.<\/p>\n<p>Small business advocacy groups have strongly <a href=\"https:\/\/dailycaller.com\/2021\/03\/22\/new-york-city-job-creators-network-national-federation-of-independent-business-joe-biden\/\" target=\"_blank\" rel=\"noopener noreferrer\">endorsed<\/a> the deduction, while some critics like Winchester and Rosenthal argue it favors the wealthy.<\/p>\n<p>During his 2020 presidential campaign, Biden vowed to remove the deduction from the tax code, according to CNBC.<\/p>\n<p>\u201cWe don\u2019t need a tax code that rewards wealth more than it rewards work,\u201d Biden said <a href=\"https:\/\/www.cnn.com\/2020\/08\/20\/politics\/biden-dnc-speech-transcript\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">during his speech<\/a> accepting the Democratic Party\u2019s nomination for president last summer. \u201cI\u2019m not looking to punish anyone. Far from it. But it\u2019s long past time the wealthiest people and the biggest corporations in this country paid their fair share.\u201d<\/p>\n<p>Biden <a href=\"https:\/\/www.youtube.com\/watch?v=BaWym5mHKAk\" target=\"_blank\" rel=\"noopener noreferrer\">said<\/a> in August 2019 that the first thing he\u2019d do in office was \u201crepeal those Trump tax cuts.\u201d<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden\u2019s proposal to fund his families plan maintains a tax deduction for some businesses despite promising to remove it during his presidential campaign, CNBC reported.Biden\u2019s families plan, which &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2277986,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-scaled-1.jpg","fifu_image_alt":"Biden\u2019s Plan Keeps Some Trump Tax Cuts, Despite Campaign Promises","footnotes":""},"categories":[],"tags":[],"class_list":["post-501403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-1232844665-scaled-1.jpg","fifu_image_alt":"Biden\u2019s Plan Keeps Some Trump Tax Cuts, Despite Campaign Promises","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/501403","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=501403"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/501403\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2277986"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=501403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=501403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=501403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}