Tax Relief Debate Set to Heat Up in 2024 Campaign

House Republicans proposed tax cuts for companies and the affluent, while President Joe Biden and fellow Democrats seek more targeted tax cuts to achieve social goals such as reducing child poverty and shifting to renewable energy that can help the economy in the long run. The Republican tax cuts for businesses, coupled with an increase in the standard deduction for households, would be funded by wiping out $216 billion in tax breaks over 10 years that Biden signed into law last year to support the development of electric vehicles and renewable energy. The dispute sets the stage for the 2024 elections and the immediate economic challenges that the winners will face.