"I Will Implement Large-Scale Tax Cuts Instead of Biden's Tax Hikes"
Donald Trump, the former U.S. president and Republican presidential candidate, promised on the 11th (local time) that he would strongly pursue tax cuts if he wins re-election, Bloomberg News reported. Bloomberg explained that this differentiates him from current President Joe Biden, who advocates tax increases on large corporations and the wealthy.
At a rally held in Wildwood, a coastal city in New Jersey, Trump said, "Instead of Biden's tax hikes, I will implement massive tax cuts for the middle class, upper class, lower class, and business sectors." The individual income tax cuts under the Tax Cuts and Jobs Act, enacted during Trump's administration in 2017, are set to expire at the end of next year. He has previously indicated plans to extend these tax benefits.
Trump has not yet officially announced his tax reform plans. His economic advisors regularly meet with him to discuss ways to further reduce taxes and various levies with fixed rates. Earlier this year, Trump told his advisors that instead of the 6 percentage point corporate tax rate cut he advocated during his tenure, he is considering maintaining the current 21% rate while extending individual tax cuts.
President Biden, who will face Trump again in the November presidential election, has pledged to increase taxes on the wealthy. Biden has announced plans to eliminate tax benefits for households earning more than $400,000 annually (approximately 549 million KRW) and raise taxes on the wealthy and large corporations. Biden's plan aims to increase tax revenue to reduce the fiscal deficit, which analysts say targets the votes of middle-class and lower-income voters.
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