As the November election approaches, President Joe Biden and former President Donald Trump are offering two very different tax policies for the American people when one of them steps into the Oval Office in late January 2025.
If elected, Trump would uphold his 2017 Tax Cuts and Jobs Act, which features a corporate tax rate of 21% and lower taxes for individuals that dropped the tax rate for top earners from 39.6% to 37%.
The policy, which will expire in 2025, also nearly doubled standard deductions to $14,600 for single filers to $29,200 for married filers, FOX Business reported.
If Biden stays in office for a second term, he said he would let Trump’s tax cuts for the wealthy expire, while holding onto reductions for those making less than $400,000.
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