President Joe Biden’s orbit laid into Donald Trump after a Monday report from The Washington Post said the former president was considering corporate tax cuts if he wins.
The White House and Biden’s 2024 reelection campaign both issued statements to The Hill on the preliminary proposals allegedly being floated, one which could slash the average corporate tax rate to as low as 15%.
While refusing to weigh in on campaign matters, White House deputy press secretary Andrew Bates reiterated that the president believes “tax policies are the ultimate window into who a leader is really fighting for.”
“Another wave of deficit-increasing tax welfare for big corporations … would turn back the clock to the trickledown economics that hollowed out the American middle class and added trillions to the national debt,” Bates said.
Biden campaign spokesman Ammar Moussa was far more direct.
“Donald Trump is plotting to bring back the failed, trickle-down policies of his first term that lined the pockets of his ultra-wealthy friends and created incentives for corporations to ship American jobs overseas,” Mousa claimed.
“This is the story of the Trump economy — blowing up the deficit to help out his wealthy friends at the expense of hardworking Americans and their families,” he added.
The Trump campaign informed The Post that the former president has not committed to specific numbers in his agenda thus far but will pursue “competitive” economic policies.
Under the Trump administration, the topline corporate tax rate was lowered from 35% to 21% for a seven-year period that ends in 2025. Biden, however, has suggested raising it back to 28%.
The first time Biden tried to implement the proposal, then-Democratic Sen. Krysten Sinema of Arizona, now an independent, and Democratic Sen. Joe Manchin of West Virginia kept it from going through.
Luca Cacciatore ✉
Luca Cacciatore, a Newsmax general assignment writer, is based in Arlington, Virginia, reporting on news and politics.
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