Top Biden aide highlights upcoming tax showdown with GOP over 2017 cuts that are due to expire

WASHINGTON (AP) — The Biden White House wants voters to know its differences with Republicans over taxes, with a top aide making the case for higher rates on corporations and the ultra-wealthy.

Lael Brainard, director of the White House National Economic Council, will deliver remarks at the Brookings Institution on Friday that get at the major tax challenge for whomever wins the November presidential election.

Many of the 2017 income tax cuts signed into law by then-President Donald Trump are set to expire after next year. If all the tax cuts expire, then the vast majority of U.S. households would see their payments to the IRS increase. But if all the tax cuts are extended, then another $4.6 trillion would be added to the national debt over the next decade, according to the Congressional Budget Office.

Trump, a Republican, says tax hikes would destroy the U.S. economy. But President Joe Biden, a Democrat, wants to extend the middle-class tax cuts while raising taxes on highly profitable companies and the richest sliver of Americans.

“The expiration of Trump’s 2017 tax package next year will put tax fairness front and center,” Brainard plans to say, according to draft remarks obtained by The Associated Press. “The president is honoring his ironclad commitment to not raise taxes on anyone making less than $400,000 and will cut taxes further for workers and families, paid for by asking corporations and those at the top to contribute more.”

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