President Joe Biden promised to rescind former President Donald Trump's signature tax cuts if he's reelected in November.
The legislation Trump signed in 2017 lowered corporate taxes from 35% to 21%, and it also lowered personal income tax rates through 2025.
Trump’s tax break reduced the top individual income income bracket from 39.6% to 37%. However, if Biden lets the tax breaks expire, it will not just affect the wealthy. The Tax Foundation found that a person making $30,000 per year would pay $253.75 more in taxes in 2026, and a married couple with two children making $165,000 would pay $2,450.50 more in taxes.
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