2017 Trump Tax cuts to be kept intact: What this means for immigrants?
Much to the relief of republicans, President Joe Biden has proposed that the 2017 tax cuts during the Trump administration would be left untouched in a counter-offer to not raising the corporate tax rate to pay for a bipartisan infrastructure package. This was done in lieu of not increasing the current tax rates but rather tightening the loopholes in the existing tax system to extract more revenue out of the already existing rates. Republican senators called touching the Tax Cut and Jobs Act a “red line” in their negotiations with the White House.
The twisted proposal would no longer increase the corporate tax from 21 % to 28%, relying on other income sources of Joe Biden’s brainchild ‘Bring Back Better’ program’s important component ‘American Jobs Plan’: tightening tax enforcement on the country’s wealthiest earners and making sure that the largest corporations pay at least a minimum of 15% as taxes.
Apart from that, a fat $1.9 trillion covid-19 relief package announced by the Biden’s administration in response to the urgent need of the pandemic is also keeping the President at bay from touching any of the existing tax laws that can reduce the influx of revenue to the government.
What does this have in store for immigrants?
Traditionally, the Tax Cuts and Jobs Act provided $1.5 trillion in tax cuts for the ultra-rich and hefty corporations, which was to be paid by low and middle-income families, a large number of them immigrants.
When the Biden Government came into power, talks were doing the rounds that he would be scrapping the controversial Act. Joe Biden was a big-mouthed critique of the TCJA and had even used harsh words to loathe the law during Presidential debates. During a presidential debate in September, then Presidential Candidate Joe Biden had said that he was “going to eliminate the Trump tax cuts.”
Expert Tax Consultants in the USA believe that this should be seen as a framework for where the new administration is aiming to go rather than a stone-carved inevitability. Despite controlling both the chambers of Congress, Joe Biden and his aides are only committing to a partial rollback of the law, and aiming at the provisions that provide relaxations to the corporations and the filthy rich.
So, according to Tax Consultants in Florida, it currently looks like the Biden administration is going to continue with the Trump-era law and offer no help whatsoever to the immigrants and the expats by reducing their tax burdens in the manners that he had promised.
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