The Biden White House is emphasizing its contrasting views with Republicans on taxes, particularly focusing on higher rates for corporations and the ultra-wealthy. The expiration of many of the 2017 income tax cuts signed into law by former President Donald Trump is looming, with potential significant implications for U.S. households.
If all the tax cuts expire, most households would see increased payments to the IRS. On the other hand, extending all the tax cuts would add $4.6 trillion to the national debt over the next decade, according to the Congressional Budget Office.
