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2024 Election Focus: The Debate Over Trump-Era Tax Cuts and Economic Policy

Donald Trump. (Via Donald Trump./Twitter)

As the 2024 election season gains momentum, the debate over the Trump-era tax cuts has become a divisive issue. These tax cuts, set to expire in 2025, have sparked intense scrutiny among political heavyweights and advocacy groups alike. The Advancing American Freedom Foundation, led by former Vice President Mike Pence, is a vocal proponent of preserving these tax laws.

Pence has emphasized the pressing issue of overspending, rather than insufficient revenue, as the country’s primary concern. He has underscored the need to restrain spending and balance the budget, rather than imposing higher taxes on Americans. Moreover, Pence has sounded the alarm over the rapidly escalating national debt, warning that it would have far-reaching consequences for the nation’s economic growth.

The Advancing American Freedom Foundation has released a comprehensive report detailing the rationale behind preserving the 2017 tax laws. The document highlights the positive changes brought about by the tax code modifications and argues against altering the tax code at this time, claiming that such a move would breach the trust of the American people. If these tax policies are allowed to lapse, individual tax policies would be impacted, potentially triggering significant economic repercussions.

Donald Trump. (Via Donald Trump./Twitter)

President Joe Biden has announced his support for maintaining tax cuts for individuals earning less than $400,000 per year while raising the corporate rate and increasing taxes on the wealthy. Former Sen. Pat Toomey of Pennsylvania, a key player in crafting the 2017 tax bill, has voiced strong support for the foundation’s initiative to extend the tax policies.

When Congress reconvenes in 2023 to discuss tax policy, lawmakers will need to address the expiring tax cuts or risk imposing higher taxes on millions of individuals. A Congressional Budget Office report projected that extending the provisions of Trump’s Tax Cuts and Jobs Act would increase deficits by nearly $5 trillion into 2034. The report also highlighted the federal balance sheet, which is in the red, with spending outpacing revenue.

These challenges stem primarily from the pandemic-era outlays, ongoing conflict funding, and costs incurred by programs catering to the nation’s aging population, including Medicare, Medicaid, and other essential services. The Advancing American Freedom Foundation aims to preserve the Trump-era tax cuts to bolster American freedom, individual liberty, and economic growth while maintaining fiscal responsibility.

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