Sen. Tim Scott, a Republican from South Carolina, strongly criticized President Biden's plan to let the tax cuts passed under former President Trump expire if Biden is re-elected. Scott argued that allowing over $2.4 trillion in tax cuts to expire would result in the largest tax increase in U.S. history.
The Tax Cuts and Jobs Act of 2017, which included rate cuts in various tax brackets and reduced the corporate tax rate, is set to expire partially in December 2025. The decision to renew these tax reforms will depend on the outcome of the 2024 general election.
