The potential expiry of Tax Cuts and Jobs Act is analyzed. While a large dollar amount, experts say it wouldn't be the largest rise in history as a GDP percentage. Historical context and alternative metrics are considered. Tax policy changes impact individuals.
“[T]he distribution of wealth among Americans has grown increasingly unequal, concentrating economic resources in a steadily shrinking percentage of individuals,” the Treasury Department wrote in its general explanation of Biden’s proposed budget.
Trump’s proposal to end federal taxes on tips (which Vice President Kamala Harris later said she also supports) is aimed at benefiting mostly low-income workers, though some economists doubt it will work.
