Biden has bragged about Trump’s tax rates expiring… but a new calculator shows how this will lead to increases for every income group: find out how it could affect YOU

President Biden has vowed to let provisions of the tax law passed under then-President Donald Trump expire, but a new analysis shows that if it expires, almost everyone will see their taxes rise.

Biden and lawmakers are engaged in a heated debate over what to do about provisions in the 2017 law that expire next year.

Some lawmakers, including many Republicans, want most provisions expanded, while many Democrats want to expand or change only some.

“Donald Trump was very proud of his $2 trillion tax cut, which overwhelmingly benefited the rich and largest corporations and exploded the federal debt,” Biden wrote in a post on X. “That tax cut is expiring. If I am re-elected, it will continue to expire.’

While the Tax Cuts and Jobs Act included some key provisions that benefited the wealthiest Americans, it also simplified individual income taxes and lowered tax rates across the board, which are set to expire.

If Congress doesn’t act, most Americans will face higher taxes and a more complicated tax system starting in 2026. Tax Foundation found it.

The law lowered average tax rates for taxpayers by lowering marginal tax rates, widening tax brackets and expanding a number of credits that benefited families, including nearly doubling the standard deduction and doubling the child tax credit.

The year before the changes took effect, the bottom half of taxpayers paid an average tax rate of 4 percent, the Internal Revenue Service found. After the provisions came into effect, the rate dropped to 3.4 percent.

At the same time, the tax rate for the top one percent fell from 26.8 percent to 25.4 percent.

The Tax Foundation’s calculator shows a married couple with a combined income of $165,000 and two children would see their taxes increase by just under $2,500, while a married couple with two children earning $85,000 a year would see their taxes increase by $1,661 a year would see increase.

A single person making $75,000 with no children would see a tax increase of $1,707, while a single parent making $52,000 with two children would see taxes increase by $1,474.

Tax Foundation findings on the 2017 tax law passed under Trump

Trump after signing the Tax Cut and Jobs Act on December 22, 2017

The law passed in 2017 not only changed individual tax rates, but also reduced the corporate tax rate from 35 percent to 21 percent and lowered taxes on pass-through entities and international business income.

When the provisions expire at the end of next year, they will return to pre-2018 levels.

If Republicans retake the White House and occupy both chambers of Congress, they will likely extend most, if not all, of the law’s provisions.

But if Democrats take either chamber or Biden is re-elected, Washington will have to negotiate which provisions to expand.

Biden has vowed not to raise taxes on anyone making $400,000 or less. On numerous occasions, he has called on the wealthiest Americans and corporations to pay “their fair share.”

The president’s latest tax proposals include a plan to raise the tax rate on long-term capital gains and some dividends to normalize the effective rate between low and high earners.

Other proposals include raising the corporate tax rate from 21 percent to 28 percent and raising the top individual income tax rate to 39.6 percent on income above $400,000.

The looming tax fight comes as the budget deficit continues to rise.

According to the Congressional Budget Office, extending all provisions of Trump’s tax law that expire next year would increase the budget deficit by more than $3.3 trillion over the next decade.

Biden’s tax proposals would raise nearly $5 trillion while cutting the budget deficit by $3 trillion over the next decade.