Former Vice President Mike Pence’s foundation, Advancing American Freedom, has launched a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year. The campaign is urging conservative leaders to join the fight to extend the tax cuts, which were approved in the 2017 tax law when Republican Donald Trump was president. If nothing is done, many of the individual tax policies would expire after 2025, prompting the White House and Congress to decide whether to keep the tax code as it is or make adjustments. The group envisions a lengthy campaign that will stretch into 2025, when key decisions will need to be made.
The debate over the tax cuts hinges on the power centers in the House and Senate, as well as which party controls the White House. Democratic President Joe Biden has proposed keeping the tax cuts for individuals making under $400,000 a year, while raising the corporate rate and introducing higher taxes on the wealthy. On the other hand, Trump, the presumptive Republican nominee for the White House, wants to keep the tax cuts for many households while lowering the corporate tax rate to 20%. Pence emphasized that Washington has a spending problem, not a revenue problem, as the national debt continues to rise uncontrollably. The foundation’s campaign aims to push for the preservation of the tax cuts and prevent further taxation on the American people.
Former Sen. Pat Toomey of Pennsylvania, a Republican who played a key role in crafting the 2017 tax bill, is a strong supporter of the foundation’s campaign to extend the tax policies. The push comes as Congress has started to explore tax policy ahead of next year’s session, where lawmakers must address the issue or risk allowing some of the 2017 policies to expire, potentially leading to tax increases for many individuals. The federal balance sheet is currently in the red, with spending exceeding revenue, largely due to the COVID-era expenditures, war funding in Ukraine, and the costs of programs like Medicare and Medicaid for an aging population. Extending the provisions of Trump’s Tax Cuts and Jobs Act could increase deficits by nearly $5 trillion into 2034, according to a report by the nonpartisan Congressional Budget Office.
As the 2024 election looms, the debate over tax policy is expected to play a significant role in the national discourse. The fight to preserve the Trump-era tax cuts is gaining momentum, with conservative leaders urged to join the campaign for extending the tax policies beyond 2025. The decision on whether to maintain the current tax code or make adjustments will ultimately rest on the outcome of the election and the balance of power in Washington. With both Democratic and Republican leaders proposing differing approaches to tax policy, the future of the tax cuts remains uncertain. The foundation’s $10 million campaign aims to keep the focus on the importance of preserving the tax cuts and preventing further taxation on American citizens, arguing that Washington’s spending habits are the primary issue driving the national debt.
