Does anyone think the tax code is fair? Raise your hand,” Biden told a crowd in Washington's Union Station on Tuesday who opposed Trump's broad tax cuts that helped many in the middle class but favored wealthy households. “It added more to the national debt than any presidential term in history,” Biden said. “And it expires next year. And guess what? Since it's expiring, I want to be president.
Trump wants increased tariffs on foreign goods, which might raise prices. However, his campaign promises to lower taxes and reduce the national debt, which has grown for decades, including under his presidency. "When President Trump returns to the White House, he will advocate for more tax cuts for all Americans and revitalize America's energy industry to lower inflation, cost of living, and debt," Leavitt stated.
Most analysts believe Trump's tax cuts won't generate enough growth to pay off the debt. Oxford Economics determined Friday that a “full-blown Trump” strategy with tax cuts, greater tariffs, and immigration restrictions would impede growth and raise inflation. Biden proposes a 25% “billionaire minimum income tax” on households earning at least $100 million.
The tax targets billionaires like Trump, who refused to release his personal taxes like previous presidents. Democrats on the House Ways and Means Committee revealed six years of his tax returns in 2022.
Trump earned almost $24 million in 2018 and paid 4% in federal taxes. The congressional panel also determined that the IRS delayed legally required Trump audits during his presidency, calling the audit process "dormant, at best." Biden has published over two decades of tax returns. He and Jill earned $579,514 in 2022 and paid about 24% in federal income taxes, more than double Trump's rate.
Trump claims his tax records are confusing due to his use of tax credits and business losses, which have helped him avoid taxes. He previously refused to reveal his tax returns, claiming the IRS was auditing his pre-presidential files.
Trump Media, which owns Truth Social, went public, boosting his finances. Share prices originally rose, adding billions to Trump's net worth, but investors turned on the company and shares fell more than 50% by Friday.
The former president also owes $542 million in civil fraud judgments and penalties to writer E. Jean Carroll for Trump's defamatory words after she accused him of sexual assault. After reviewing the Trump Organization's financial records and exaggerated assets, New York Judge Arthur Engoron decided that “the frauds found here leap off the page and shock the conscience.”
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