The Daily The Accidental Tax Cutter in Chief
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Apr 3, 2024 
Jim Tankersley, an economic policy reporter for The New York Times, dives into the unexpected reality of President Biden's tax policies. Despite campaigning on tax hikes for the wealthy and corporations, Biden's administration has actually seen a $600 billion net tax cut. Tankersley discusses the paradox of increasing tax incentives while promising reforms. He also touches on ambitious wealth tax strategies and the evolving Democratic approach to resonate with the working class amidst political challenges.
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Biden's Net Tax Cut
- Despite campaigning on raising taxes, President Biden has overseen a net tax cut of $600 billion.
- This surprising outcome highlights a disconnect between campaign rhetoric and actual policy.
Reasons for Tax Cuts
- Biden's tax cuts stem from pandemic stimulus, industrial policy, and the Inflation Reduction Act.
- Tax increases were limited due to Congressional resistance, even from Democrats.
Examples of Tax Cuts
- The COVID-19 stimulus bill included tax cuts for families and direct checks for individuals.
- The CHIPS Act and Inflation Reduction Act also incorporated tax cuts to incentivize specific industries.