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And he believes that any extensions should be paid for by asking big corporations and the wealthy to pay their fair share. President Biden supports continuing tax cuts for families making less than $400,000, but opposes extending tax cuts or restoring tax breaks for those making more than $400,000 per year. Their plan would add more than $3 trillion to deficits over 10 years, while providing tax cuts worth $175,000 per year to the top 0.1 percent of Americans that have incomes over $4.5 million.
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Instead, they would rather add trillions to the national debt than take back even one dollar of the $150 billion annual rate cut corporations received under President Trump. Republicans have proposed making all of President Trump’s tax cuts permanent, while refusing to pay for them by increasing taxes on big corporations or the wealthy. President Biden will fight to stop Republican plans to add trillions to the deficit with tax cuts skewed to big corporations and the wealthy-doubling down on their failed trickle-down tax cuts that already increased the nation’s debt by trillions of dollars. Despite Republican opposition, President Biden secured historic legislation to make our tax code fairer-from enacting a 15% corporate minimum tax so that billion-dollar companies can’t get away with paying $0 in federal income taxes to giving the Internal Revenue Service (IRS) the tools it needs to make wealthy tax cheats pay the taxes they owe. Since taking office, President Biden has fought to build a fairer tax system that rewards work, not wealth asks big corporations and the wealthy to pay their fair share and requires all Americans to play by the same rules and pay the taxes they owe. The President’s plan delivers tax cuts for families with children and working Americans, invests in America, and reduces deficits by trillions of dollars by enacting a new billionaire minimum tax and cracking down on multinational companies shifting jobs and profits overseas. President Biden is fighting to make the tax system fairer while Republicans continue to push tax cuts for the wealthy and big corporations.
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