The answer is: Nothing. The president (or even the executive branch) has no power over tax laws whatsoever. That’s 100% Congress. The president can only sign into law or veto what Congress sends them. Aside from Executive Orders (which are still subject to judicial review), all the president can do is call for things.
And he is only calling for it now because it wouldn’t have made sense to do it any earlier. The Tax Cuts and Jobs Act (better known as the Trump Tax Cuts for the Wealthy), became effective in 2018 and is the law until 2025 when they’re due to be renewed or replaced. Biden took office in 2021 and the current year is 2024.
instead of ranting about “illegals”
The “ranting about illegals” statement is completley disingenuous and quite literally spreading right-wing propaganda.
From the official transcript of the damn speech (or rant as you’re calling it):
<span style="color:#323232;">REPRESENTATIVE GREENE: What about Laken Riley?
</span><span style="color:#323232;">(Cross-talk.)
</span><span style="color:#323232;">AUDIENCE: Booo —
</span><span style="color:#323232;">REPRESENTATIVE GREENE: Say her name!
</span><span style="color:#323232;">THE PRESIDENT: (The President holds up a pin reading “Say Her Name, Laken Riley.”) Lanken — Lanken (Laken) Riley, an innocent young woman who was killed.
</span><span style="color:#323232;">REPRESENTATIVE GREENE: By an illegal!
</span><span style="color:#323232;">THE PRESIDENT: By an illegal. That’s right. But how many of thousands of people are being killed by legals?
</span>
That’s it. That’s the “rant”. Basically trapped into responding to Empty G’s heckling, fell into it, and now it’s a right-wing talking point.