Mike Pence’s foundation is spearheading a $10 million campaign to maintain the Trump-era tax cuts that are scheduled to lapse next year. The former vice president urges conservatives not to deviate from this cause as the November elections approach.
On Thursday, Advancing American Freedom unveiled a 13-page blueprint that will be presented to Capitol Hill and swing state voters, particularly those that could determine the Senate’s control.
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The document states that they will encourage conservative leaders to participate in the battle.
The campaign planned by the group is expected to be a long-term effort that will extend up to 2025. During this time, the White House and Congress will have to make a crucial decision – whether to retain the tax code as it was approved in 2017 during the tenure of Republican Donald Trump, or to bring in certain amendments. If no action is taken, several individual tax policies will expire post-2025.
The fate of many decisions will hinge on the influential groups in the House and Senate, as well as the political party in control of the White House.
President Joe Biden, a Democrat, has put forward a proposal to maintain the tax cuts for individuals earning less than $400,000 annually. At the same time, he plans to increase the corporate tax rate and implement higher taxes for the affluent. His Republican counterpart, former President Donald Trump, intends to preserve the tax cuts for numerous households. However, he proposes to reduce the corporate tax rate to 20%, which is lower than the current 21% rate.
In a statement, Pence emphasized that the root of the problem lies in Washington’s spending, not in revenue. He firmly believes that increasing taxes is not the solution to the out-of-control national debt.
Republican former Senator Pat Toomey from Pennsylvania played a vital role in the development of the 2017 tax bill and is now a passionate advocate for the foundation’s efforts to expand tax policies.
Congress has started drafting tax policies in preparation for next year’s session, during which they must address the issue to prevent some of the 2017 policies from expiring. Failure to do so could result in increased taxes for many individuals.
According to the nonpartisan Congressional Budget Office, the federal balance sheet is currently deficit as expenses are exceeding revenue. This can be attributed to various factors such as the COVID-era expenditures, funding for the war in Ukraine and the expenses related to Medicare, Medicaid and other programs aimed at providing care for the aging U.S. population.
According to a report by CBO in May, if the provisions of Trump’s Tax Cuts and Jobs Act are extended, it is estimated that deficits would increase by almost $5 trillion until 2034.
