WASHINGTON—President Biden largely wants to extend Trump-era tax cuts for households making under $400,000 a year beyond their scheduled expiration after 2025, the White House said in a budget statement Thursday.
Mr. Biden’s budget calls for extending those tax cuts “in a fiscally responsible manner” by using new tax increases on wealthy people and large corporations to offset the budget-deficit increases that extended tax cuts would create. The cuts expanded the standard deduction and lowered tax rates for all income groups and will lapse after 2025 unless Congress acts.
Read more on wsj.com