Republicans, Not Biden, Are About to Raise Your Taxes
President Trump built in tax increases beginning in 2021, for nearly everyone but those at the very top.
By Joseph E. Stiglitz (Mr. Stiglitz, a university professor at Columbia, is a Nobel laureate in economics.)
The Trump administration has a dirty little secret: It’s not just planning to increase taxes on most Americans. The increase has already been signed, sealed and delivered, buried in the pages of the 2017 Tax Cuts and Jobs Act.
President Trump and his congressional allies hoodwinked us. The law they passed initially lowered taxes for most Americans, but it built in automatic, stepped tax increases every two years that begin in 2021 and that by 2027 would affect nearly everyone but people at the top of the economic hierarchy. All taxpayer income groups with incomes of $75,000 and under — that’s about 65 percent of taxpayers — will face a higher tax rate in 2027 than in 2019.