The White House on Monday seized on news that Republican lawmakers are preparing to extend tax cuts from the first Trump administration and lower rates for businesses if the GOP gains control of the White House and Congress in November. .
In a memo from deputy press secretary Andrew Bates, the White House cited a Washington Post report saying Republican lawmakers and some Trump advisers are considering additional tax breaks for businesses if the party gains control of the government next year.
“Today’s Washington Post story makes it impossible to ignore the stark contrast between President Biden’s agenda to rebuild the middle class and MAGAnomics,” Bates wrote in a memo.
“Republican officials who support MAGAnomics advocate price gouging, tax breaks for the rich, and across-the-board tariffs that would raise prices, and sell out the middle class with a skyrocketing deficit and cuts to Medicare and Social Security,” he added.
The Tax Cuts and Jobs Act, passed in 2017, reduced the corporate tax rate from 35% to 21% and lowered individual tax rates. The individual tax cuts expire in 2025, while the corporate tax rate has been permanently reduced under the law.
Republicans are preparing to accelerate the extension of Trump’s tax cuts through the reconciliation process, lawmakers told The Hill. Republican Party officials argued that lowering the corporate tax rate would increase the global competitiveness of U.S. companies.
While most legislation needs the support of 60 senators to avoid a filibuster, budget reconciliation allows lawmakers to pass important tax and spending bills with a simple majority — and without bipartisan support.
The White House cited warnings from economists who said increased corporate tax cuts, along with other Trump proposals such as imposing tariffs on all imports into the U.S., could lead to higher inflation and further increase the national debt.
President Biden has touted his economic agenda, which has led to low unemployment and slow but consistent declines in inflation since its peak in 2022. But polls have shown that voters are still frustrated by high costs and still have more trust in the former President Trump on economic issues. .
A survey from May ABC News/Ipsos found that 85 percent of participants said inflation is an important issue to them, making it the second highest priority behind the broader economy. That poll found that participants said they trusted Trump more than Biden on both inflation and the economy, by a 14-point margin.
This story originally appeared on thehill.com read the full story
