In a campaign speech delivered in Pennsylvania, Democratic presidential nominee Joe Biden took aim at President Donald Trump's tax plans, highlighting what he sees as the adverse effects they would have on the economy and working-class Americans. Biden emphasized that Trump's policies, rooted in trickle-down economics, have failed the working class for more than four decades.

Under the banner of tax fairness, Biden criticized Trump for embodying this failure and warned that another round of tax cuts for the wealthiest Americans and corporations would exacerbate the federal deficit by an estimated $5 trillion over a decade, according to his campaign's projections. Furthermore, Biden argued that these plans would contribute to inflation and enrage voters who believe that the wealthiest individuals and corporations are not paying their fair share.

Brian Deese, the former director of Biden's National Economic Council, joined the campaign to call Trump's tax policies indefensible on fairness grounds and poor economics. Deese's comments were part of a campaign preview that placed considerable emphasis on Trump's tax policies rather than Biden's own plans.

The speech, delivered in Biden's hometown of Scranton, kicked off a three-day swing through Pennsylvania, a key swing state in the upcoming election. Biden's campaign promises to continue highlighting Trump's tax message as the president also focuses on his tax policies during his own campaign events in Pittsburgh and Philadelphia.

However, amidst these campaign efforts, Trump faces legal challenges as he attends a trial related to a hush-money case in Manhattan. Biden's campaign is linking together clear choices for voters, combining the issues of abortion, defending democracy, and what they perceive as "tax giveaways to the very wealthy at the expense of the middle class."

While Biden's approval ratings remain low, recent polls indicate that he has closed the gap with Trump. A New York Times and Siena College survey shows both candidates preparing for a tight race. The political effect of tax policy remains uncertain, but Biden and Trump will present voters with a clear choice on this issue in the upcoming election.

The 2025 tax landscape is also at stake, considering that Trump's Tax Cuts and Jobs Act of 2017 includes provisions that will expire by the end of that year. Trump's plan is to extend or make these tax cuts permanent, disproportionately benefiting the richest Americans. In contrast, Biden's proposed tax strategy involves allowing the cuts to expire for households earning over $400,000 while maintaining lower rates for those below that threshold.

The debate over corporate taxes will also play a role, with Biden proposing an increase in the statutory rate from 21% to 28%, while Trump advocates for a cut to 15%. Trump argues that tax cuts would stimulate economic growth, while Biden counts on voter anger over tax breaks for the wealthy and corporate profits to work in his favor.

Biden's speech on Tuesday covered multiple tax-related issues, including Trump's plans to repeal high-income tax provisions in the Affordable Care Act. The former Vice President called out the president's desire to renew tax breaks for billionaires and corporations, deeming it "ridiculous." In contrast, Biden promised a focus on his tax plans, aiming to foster growth across the overall economy, particularly in the manufacturing sector, while ensuring that wealthier Americans pay their fair share.

While Trump has recently been preoccupied with legal challenges, he continues to promote his tax agenda on the campaign trail, confident that voters will respond positively. The focus on tax cuts appears to resonate with some of the wealthiest Americans, as evidenced by a recent Trump fundraiser in Florida that raised an impressive $50.5 million in a single evening.

As the election approaches, both candidates are gearing up to rally support from voters by presenting their competing visions for the nation's tax policies. It remains to be seen how voters will respond to these differing approaches come November 5th.