Former Vice President Mike Pence’s foundation, Advancing American Freedom, has launched a $10 million campaign aimed at preserving the tax cuts implemented during the Trump administration that are set to expire next year.
The foundation released a 13-page blueprint outlining arguments to be made to Capitol Hill and voters in swing states, particularly those that may determine the control of the Senate.
The big picture: The campaign envisions a prolonged effort, stretching into 2025 when the White House and Congress will need to decide whether to maintain the tax code established by the 2017 tax law or make adjustments.
- President Joe Biden has proposed keeping the tax cuts for individuals earning under $400,000 per year while raising the corporate rate and imposing higher taxes on the wealthy.
- Pence and the foundation advocate for keeping the tax cuts for many households and lowering the corporate tax rate to 20%.
Zoom out:The push to extend the tax policies comes as Congress quietly begins discussing tax policy and the potential expiration of certain provisions from the 2017 tax cuts, which could result in higher taxes for many individuals.
- The Congressional Budget Office has reported that the federal budget is currently in deficit, primarily due to COVID-era spending, funding for the war in Ukraine, and the costs of healthcare programs and supporting an aging population.
- Extending the provisions of Trump’s Tax Cuts and Jobs Act, according to a CBO report, would increase deficits by nearly $5 trillion into 2034.
