Over the past few years, Donald Trump and his former vice president have drifted apart. Trump has come down hard on Pence for not backing him up regarding the 2024 election, and Donald’s fans have been unhappy with Pence as well.
But the former POTUS might be thanking Pence for one very complimentary letter.
Pence’s group, Advancing American Freedom (AAF), just sent a memo to congressional offices in D.C., and this note focused primarily on the controversial tax cuts Trump put in place during his term in office.
Most Democrats slammed the 2017 Tax Cuts and Jobs Act (TCJA), claiming it only helped the wealthy and hindered the less fortunate. However, the AAF believes this isn’t true at all, and said the Act allowed household income to grow, while lowering marginal tax rates.
As AAF Chairman Marc Short told The Daily Caller:
The 2017 Tax Cuts and Jobs Act provided the greatest tax relief for hard working Americans since the Reagan Administration. Despite doom and gloom projections from the media, the data is clear: American families won.
TCJA delivered more dollars into the pockets of American families than ever before while growing the economy, increasing federal revenues, and delivering a corporate tax rate more competitive with other global developed economies.
Household income jumped 8.5% during the first two years TCJA was active. Unfortunately, Trump’s Act will expire at the end of 2025 and if President Biden remains in office, he’s made it clear that the TCJA likely will disappear.
If it does, data from the Internal Revenue Service (IRS) shows that individual tax rates will climb by 1 – 4% depending on home income.
Additionally, annual tax revenue jumped by $1.1 trillion between 2018 to 2023, which is a huge 33 percent increase. Short says that despite this scary number, the Biden administration won’t stop with the taxes:
Today, annual tax revenue has never been higher, but President Biden and Congress have continued to increase deficits by spending taxpayer dollars without restraint.
Now, President Biden has promised a $3.3 trillion tax increase by allowing TCJA to expire and raising the corporate rate which will again send American jobs overseas.
Another side to the TCJA is that it caused corporations to pay 41 percent more in taxes, which is something liberals should appreciate. They’ve been demanding that wealthy mega corps should “pay their fair share,” and one could argue that’s exactly what TCJA did.
Though Pence and Trump don’t see eye to eye on multiple topics, this is one instance where they clearly agree.
And if Biden manages to win his reelection bid in November, the AAF believes that Americans will only feel more economic strain when Trump’s TCJA move goes up in smoke at the end of next year.
Key Takeaways:
- Former VP Mike Pence’s organization, Advancing American Freedom, has praised Donald Trump’s Tax Act.
- They sent a memo to all congressional offices, explaining how the TCJA has helped American families since its inception.
- They also believe that if Biden stays in office, individual taxes will only go higher, as will the national deficit.
Source: The Daily Caller
