Log in

Mike Pence's foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts

Posted 6/20/24

WASHINGTON (AP) — Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year as he presses …

You must be a member to read this story.

Join our family of readers for as little as $5 per month and support local, unbiased journalism.


Already have an account? Log in to continue.

Current print subscribers can create a free account by clicking here

Otherwise, follow the link below to join.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.

For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.

Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.

Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

Mike Pence's foundation launches a $10 million election-year campaign to preserve Trump-era tax cuts

Posted

WASHINGTON (AP) — Former Vice President Mike Pence’s foundation is launching a $10 million campaign to preserve the Trump-era tax cuts that are set to expire after next year as he presses conservatives not to stray from the fight before the November election.

Advancing American Freedom released a 13-page blueprint Thursday with arguments being made to Capitol Hill and to voters in swing states, particularly in those that could decide control of the Senate.

“We will be urging conservative leaders to join us in this fight,” according to the document.

The group envisions a lengthy campaign that will spin into 2025 when the White House and Congress will have to decide whether to keep the tax code as approved in the 2017 tax law when Republican Donald Trump was president or make adjustments. If nothing is done, many of the individual tax policies would expire after 2025.

Much will depend on power centers in the House and Senate and which party controls the White House.

Democratic President Joe Biden has proposed keeping the tax cuts for people making under $400,000 a year while raising the corporate rate and introducing higher taxes on the wealthy. Trump, the presumptive Republican nominee for the White House, also wants to keep the tax cuts for many households, but he proposes lowering the corporate tax rate to 20%, from the current 21% rate.

“Washington has a spending problem, not a revenue problem,” Pence said in a statement. “Our national debt is out of control, and taxing the American people more is not the solution.”

Former Sen. Pat Toomey of Pennsylvania, a Republican who was instrumental in crafting the 2017 tax bill, is a strong supporter of the foundation's campaign to extend the tax policies.

The push comes as Congress has quietly begun workshopping tax policy before next year's session, when lawmakers must address the issue or risk allowing some of the 2017 policies to expire, potentially raising taxes for many individuals.

The federal balance sheet is in the red, the nonpartisan Congressional Budget Office said this week, with spending outpacing revenue. That is in large part because of the COVID-era outlays, funding for the war in Ukraine and the costs of Medicare, Medicaid and other programs particularly to care for an aging U.S. population.

A CBO report in May estimated that extending the provisions of Trump’s Tax Cuts and Jobs Act would increase deficits by nearly $5 trillion into 2034.