President Biden based the economic planks of his 2020 election campaign on the premise that the benefits of President Trump’s 2017 Tax Cuts and Jobs Act (TCJA)[1] are skewed towards large corporations and wealthy individuals. The Democratic election proposals were very much focused on a retooling of the federal income tax system that would target large corporations and high-income individuals to pay for lower- and middle-class tax relief and bankroll trillions of dollars in new spending initiatives proposed by the administration.
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