Mike Pence’s foundation launches $10M campaign to preserve Trump-era tax cuts

WASHINGTON (AP) – Former vice president Mike Pence’s The foundation is launching a $10 million campaign to preserve the Trump-era tax cuts, which expire after next year, as it urges conservatives not to shy away from the fight before the November election.

Advancing American Freedom released a 13-page plan Thursday with arguments presented to the Capitol and to voters in swing states, particularly those who could decide control of the Senate.

“We will urge conservative leaders to join us in this fight,” according to the document.

The group plans a long campaign that will extend until 2025 when the White House and Congress A decision will need to be made whether to keep the tax code as approved in the 2017 tax law when Republican Donald Trump was president or to make adjustments. If nothing is done, many individual tax policies will expire after 2025.

Much will depend on the power centers in the House and Senate and which party controls the White House.

Democratic President Joe Biden proposed maintain tax cuts for people earning less than $400,000 a year while increasing the corporate tax rate and introducing higher taxes for the wealthy. Trump, the presumptive Republican nominee for the White House, also wants to maintain tax cuts for many households, but he proposes drop in corporate tax rate at 20%, compared to 21% currently.

“Washington has a spending problem, not a revenue problem,” Pence said in a statement. “Our national debt is out of control, and taxing the American people more is not the solution. »

Former Sen. Pat Toomey of Pennsylvania, a Republican who was instrumental in crafting the 2017 tax bill, is a strong supporter of the foundation’s campaign to expand tax policies.

The move comes as Congress has quietly begun to consider tax policy ahead of next year’s session, when lawmakers must address the issue or risk allowing some of the 2017 policies to expire, which could increase many people’s taxes.

The federal balance sheet is in the red, the non-partisan Congressional Budget Office said this week, with expenses exceeding revenues. This is largely due to COVID-era spending, funding for the war in Ukraine, and the costs of Medicare, Medicaid, and other programs, including those intended to care for an aging U.S. population.

A CBO report from May estimates that extending provisions of Trump’s Tax Cuts and Jobs Act would increase deficits by nearly $5 trillion through 2034.

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