Biden’s Top Economic Advisor Lays Out Principles for Tax Fight Ahead – By Michael Rainey (The Fiscal Times) / May 10, 2024
With many of the 2017 Republican tax cuts set to expire after next year, the White House and Congress are already laying the groundwork for a huge battle over the tax code. On Friday, President Joe Biden’s top economic adviser laid out the administration’s principles for the fight ahead.
On the heels of a report from the Congressional Budget Office saying it would cost more than $4 trillion over a decade to extend the 2017 tax cuts, Lael Brainard, director of the White House National Economic Council, said Friday that the Biden plans to reduce the deficit by raising taxes on corporations and the wealthy, while maintaining his pledge to not raise taxes on American households earning less than $400,000 a year.
“We have a major economic policy decision that lies ahead: whether to return to the trickle-down policies of the past or forge ahead with a different approach, the president’s approach to grow the economy from the middle out and the bottom up,” Brainard said at an event hosted by the Hamilton Project at the Brookings Institution. “The expiration of Trump’s 2017 tax package next year will put tax fairness front and center. Do we want a tax system that favors the wealthy or the middle class?”
