Former Vice President Mike Pence’s foundation is initiating a $10 million effort to maintain the Trump-era tax cuts, set to expire after next year. The Advancing American Freedom foundation unveiled a 13-page plan to persuade Capitol Hill and swing state voters, especially those in pivotal Senate races. The campaign aims to extend into 2025 when decisions on the 2017 tax law must be made.
The foundation’s document urges conservative leaders to join the cause. The fate of these tax policies depends on the balance of power in Congress and the White House post-2024 elections. President Joe Biden advocates retaining tax cuts for individuals earning under $400,000, while proposing increased corporate and wealth taxes. Former President Donald Trump supports extending the tax cuts and lowering the corporate rate to 20%.
Pence emphasized, “Washington has a spending problem, not a revenue problem,” highlighting the national debt issue. Former Sen. Pat Toomey backs the campaign, as Congress begins reviewing tax policies. The Congressional Budget Office reported that extending Trump’s tax cuts could increase deficits by nearly $5 trillion by 2034.
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