Posted by 15 October 2020
A tax cut was one of the major pieces of legislation during Donald Trump's first term as president. He's promising another round of cuts if he's re-elected.
In an interview with the Fox Business Network, President Trump said that he wants to lower corporate taxes to a 20% rate and pursue additional individual income tax cuts. This would build on the tax cuts from earlier in his term. That tax package reduced the corporate tax rate to 35% and also cut individual tax rates.
Trump's opponent for the presidency, Joe Biden, opposes the Trump tax cuts. He is campaigning on a platform that calls for raising the corporate tax rate to 28%.
Supporters of these tax cuts argue that the U.S. corporate income tax rate was among the highest in the world prior to it being reduced. They say that higher corporate income tax rates hurt U.S. businesses compete worldwide. President Trump has also said that his tax cuts have helped spur economic growth.
Those who want to raise tax rates argue that the Trump tax cuts have only deepened the deficit. They say that higher taxes are needed to pay not only for current deficit spending, but also for new programs like Medicare for All. The president's critics also contend that his tax cuts were mainly skewed towards the wealthy.
Future tax cuts in a Trump second term, should the president be re-elected, would be unlikely if Democrats retain the House of Representatives or take control of the Senate.
Do you support cutting the corporate income tax rate to 20%? Do you think that individual tax rates should be reduced?