Former President Donald Trump issued a warning on Newsmax on Monday that if Democrats succeed in unwinding the tax cuts enacted during his presidency, it will lead to the biggest tax hike in the nation's history.
The Tax Cuts and Job Act passed in 2017 slashed the corporate tax rate from 35% to 21% and reduced rates at almost all levels of taxable income. Although it repealed personal and dependent exemptions, it doubled the child tax credit from $1,000 to $2,000 and created a $500 tax credit for dependents not eligible for the child tax credit. It also nearly doubled the standard deduction.
But the tax cuts are set to expire in 2025 and Trump said Democrats and President Joe Biden are itching to do away with them.
"They want to raise your taxes by four or five times," Trump said of Biden and his fellow Democrats in an exclusive sit-down interview with "Rob Schmitt Tonight." "If they end the Trump tax cuts, it will be the largest tax increase in the history of our country. And they want to do that.
"… They have hats out there, not made by me [with slogans] Trump was right about everything. I think I've been right about everything. What haven't I been right about?"
Trump said the nation's economy was in a good place during his presidency, but because of the results of the 2020 election, which he claims he lost because of election interference and voter fraud, the economy has taken a turn for the worse under Biden.
"Everything worked under me," Trump said. "It all worked. We had the greatest economy in history. I got the largest tax cuts in history. I got the largest regulation cuts in history. I rebuilt the military.
"Everything was going great, and then we had this catastrophe of an election. I got more votes in that election than any sitting president in history, by far, not even by a little bit."
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