Republicans have bashed President Joe Biden for raising inflation but they will make things worse by extending the Donald Trump tax cuts, this was announced by The Washington Post.
The aforementioned media outlet also pointed out that if the Republican Party becomes a majority in November after the midterm elections, it will seek to extend provisions of former President Donald Trump’s 2017 tax cuts that target the tax rates paid by individuals and corporations.
“The Jobs and Tax Cuts Act has provided real and substantial relief to families and businesses,” Rep. Jason T. Smith, the ranking member of the House Budget Committee, told the Post.
“We need to build on that success by making permanent those policies that support families and workers while we look at what else needs to be done with the tax code.”
It is no secret to anyone that Biden campaigned to reverse Trump’s tax policies, such as raising the corporate minimum tax to 28% from Trump’s 21%, but it hasn’t been an easy task for him, on the contrary, which is why Republicans hope to take advantage of tax cuts for the wealthy if they win in November.
Republicans have not stopped blaming Biden for the high levels of inflation in the country and according to The Washington Post, extending Trump’s taxes could cause prices to rise and Americans’ spending would automatically rise.
Republicans have also strongly criticized the Biden’s policies such as student loan forgiveness.
“Putting more money in people’s pockets will increase the demand for goods at a time of tight supply. That will drive up prices and worsen inflation. that worries the governors so much. And the pressure will increase on the Federal Reserve to raise interest rates. rates even higher than planned,” Howard Gleckman, a senior fellow at the Tax Policy Center, wrote in March.
Trump’s tax cuts have proven to have real political staying power, even with the slim majority of Democrats. Democrats have pledged to reduce the set of cuts in their 2020 campaigns.
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