Would ending the small business deduction increase the tax burden for small businesses? Anyone make it under 400,000? No. Okay, so if, as you said earlier this month, that President Biden would work with Congress to extend the tax cuts for Those making below 400,000, that was first passed as part of the Tax Cuts and Jobs Act. However, I mean, that was the statement. However, this budget assumes that these provisions will expire as currently scheduled in 2025. So are we telling the folks that after 2025 they're fair game at under 400,000? (01:46–01:57)
CLAIM
Asserts that President Biden plans to work with Congress to extend tax cuts for those making below $400,000.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
