A foundation led by former Vice President Mike Pence has announced a $10 million campaign aimed at preserving the tax cuts implemented during the Trump administration. The initiative, called Advancing American Freedom, seeks to extend the tax policies set to expire after next year, urging conservative leaders to join the effort.
The campaign's blueprint outlines a strategy to advocate for maintaining the tax code established in the 2017 tax law, emphasizing the importance of fiscal responsibility and limited government intervention in taxation. The group plans to engage with lawmakers on Capitol Hill and voters in key swing states ahead of the upcoming election.
If no action is taken, many individual tax provisions are set to expire in 2025, prompting discussions on the future of tax policy in Washington. The debate is expected to intensify as the balance of power in Congress and the White House could influence the decision-making process.
While Democratic President Joe Biden has proposed retaining the tax cuts for individuals earning under $400,000 annually, he also plans to raise corporate taxes and introduce higher taxes on the wealthy. In contrast, former President Donald Trump, a leading Republican figure, advocates for maintaining tax cuts for households while proposing a reduction in the corporate tax rate.
The foundation's campaign has garnered support from influential figures like former Senator Pat Toomey, who played a key role in crafting the 2017 tax legislation. As Congress begins to address tax policy considerations for the upcoming session, the debate over extending the Trump-era tax cuts is expected to take center stage.
A recent report by the Congressional Budget Office highlighted the challenges posed by the growing federal deficit, attributing it to increased spending on COVID relief, military operations, and social programs. Extending the provisions of the Tax Cuts and Jobs Act could further exacerbate deficits, with estimates suggesting a potential increase of nearly $5 trillion by 2034.
