Advancing American Freedom has unveiled its plan to protect the Tax Cuts and Jobs Act of 2017, as the foundation led by Mike Pence launches a $10 million campaign to defend the expiring Trump-era tax cuts. The former vice president is rallying conservatives to stand firm in the face of potential tax increases proposed by the Biden administration ahead of the upcoming presidential election.
AAF’s blueprint, released on Thursday, aims to safeguard the Tax Cuts and Jobs Act and push back against the tax hikes proposed by the Biden administration. The 13-page document lays out arguments to be presented to Capitol Hill and voters, especially in crucial swing states that could determine Senate control.
The group anticipates a protracted campaign that will extend until 2025 when lawmakers will need to decide the fate of the 2017 tax law enacted under President Donald Trump. Failure to take action would result in the expiration of many individual tax policies by the end of 2025, with much of the decision-making influenced by the power dynamics in the House and Senate, as well as the party in control of the White House.
President Biden’s proposal includes raising corporate rates and increasing the tax rate for individuals earning over $400,000 to 39.6 percent, along with taxing capital gains at the same rate as wage income for those with incomes exceeding $1 million. In contrast, former President Trump advocates for retaining tax cuts for numerous households while reducing the corporate tax rate to 20 percent from the current 21 percent.
Former Sen. Pat Toomey, a key figure in shaping the 2017 tax bill, supports AAF’s efforts to prolong the tax policies, citing the positive impact of the Tax Cuts & Jobs Act on the economy, wage growth, and benefits for lower-income and middle-class Americans.
As the nation grapples with a mounting debt and deficit crisis, AAF emphasizes the urgency of addressing the economic challenges facing the country. With the national debt surpassing 123 percent of the current GDP, the organization underscores the critical need for fiscal responsibility and strategic financial planning to avert a potential financial crisis.
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