No issue defines the diametrically opposite economic philosophies of Joe Biden and Donald Trump than their position on the Trump tax cuts.
Five reasons to make the Trump tax cuts permanentNo issue defines the diametrically opposite economic philosophies of President Biden and former President Donald Trump than their position on the Trump tax cuts.
So, as a public service, I will help them do their job and review the facts using official government data on how the tax cuts have affected jobs, the economy, tax fairness, and the simplicity of the tax code after five years. • The Trump tax cuts vastly simplified the tax code for most Americans. A major feature of the bill was to double the standard deduction from $12,500 to $25,000. Before the Trump tax cuts, about one-third of tax filers had to itemize their deductions and keep track for the IRS of shoe boxes of receipts and other transactions related to mortgage payments, charitable deductions, interest payments and so on.
• The Trump tax cut expanded the economy and business activity, resulting in increased tax revenue. A study by Heritage Foundation fiscal analyst Preston Brashers examined the impact of the Trump tax cuts after four years and found that the policy changes actually raised more revenue in their first four years than the Congressional Budget Office predicted without the tax cut.
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