Biden's Team Takes Aim At Trump's 2024 Tax Cut Plans: 'This Is The Story Of The Trump Economy'

The White House and the Biden campaign have criticized the rumored plans of former President Donald Trump’s advisers to cut corporate taxes if he returns to office in 2024, The Hill reported. 

The plans involve reducing the corporate tax rate to as low as 15%. Trump’s top economic advisers reportedly shared this information.

Jason Miller, a senior Trump adviser, stated that while no specific numbers were committed, Trump would do whatever was necessary to bolster the country’s competitiveness.

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Ammar Moussa, a spokesperson for Biden's reelection campaign, criticized the plans, stating they replicated the failed policies of Trump’s first term. He argued that these policies primarily benefited the ultra-wealthy while encouraging corporations to offshore American jobs.

"This is the story of the Trump economy — blowing up the deficit to help out his wealthy friends at the expense of hardworking Americans and their families,” he said.

Andrew Bates, a deputy press secretary for the Biden White House, echoed these sentiments. He argued that such policies would reverse the efforts of the current administration to grow the American middle class, cut family costs, and reduce deficits.

It is noteworthy that any corporate tax cut would require Congress’s approval. The 2017 Tax Cuts and Jobs Act reduced the corporate tax rate from 35% to 21%. Earlier this year, Biden proposed raising it to 28% to fund his domestic agenda, a proposal that Congress rejected.

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Illustration generated using artificial intelligence via MidJourney