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Republicans' Tax Cuts Add Trillions

This is a news story, published by United States Joint Economic Committee, that relates primarily to TCJA news.

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recent Republican budget plans

United States Joint Economic Committee

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Republicans Want to Extend Tax Cuts That Benefit the Wealthy and Make Everyone Else Pay For It

Summary

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79% Informative

Recent Republican budget plans create significant tax breaks for the ultrawealthy with offsets that harm everyone else.

Extending the 2017 Republican tax cuts is expected to cost trillions of dollars over the next decade , adding $4.6 trillion to the deficit.

Republicans continue to call for strict, across-the-board cuts that harm American families and seniors.

Expiring provisions of the Tax Cuts and Jobs Act ( TCJA ) would add $4.6 trillion to the deficit over the next decade .

The top 1% of households (those with incomes above $1 million ) would receive an average tax cut of over $48,000 in 2026 .

Congress could permanently expand the Child Tax Credit and universal pre-K for thee- and four-year olds (expected 10-year cost of $350 billion ).

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formal

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English

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short-lived

External references

https://www.taxpolicycenter.org/model-estimates/make-individual-income-tax-and-estate-tax-provisions-2017-tax-act-permanent-1 https://www.taxpolicycenter.org/model-estimates/conference-agreement-tax-cuts-and-jobs-act-dec-2017/t17-0314-conference-agreement https://budgetmodel.wharton.upenn.edu/issues/2022/6/2/total-cost-of-universal-pre-k https://democrats-budget.house.gov/resources/reports/cbo-analysis-debunks-republican-balanced-budget-claims-exposes-plot-eviscerate https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#_ednref16:~:text=Was%20skewed%20to%20the%20rich.,the%20bottom%2060%20percent.%5B2%5D https://patrick-kennedy.github.io/files/TCJA_KDLM_2024.pdf https://hern.house.gov/uploadedfiles/final_budget_including_letter_word_doc-final_as_of_march_25.pdf https://www.cbo.gov/system/files/2023-03/58984-spendings.pdf https://democrats-budget.house.gov/resources/reports/reversing-course-gop-s-backward-budget https://beyer.house.gov/news/documentsingle.aspx?DocumentID=6097 https://www.budget.senate.gov/chairman/newsroom/press/extending-trump-tax-cuts-would-add-46-trillion-to-the-deficit-cbo-finds#:~:text=Extending%20Trump%20Tax%20Cuts%20Would,%244.6%20trillion%20to%20the%20deficit.https://www.taxpolicycenter.org/sites/default/files/publication/154006/the_effect_of_the_tcja_individual_income_tax_provisions_across_income_groups_and_across_the_states.pdf#page=3 https://www.budget.senate.gov/chairman/newsroom/press/cbo-analysis-blows-gaping-hole-in-republicans-balanced-budget-pledge https://www.cbpp.org/research/federal-tax/congress-should-revisit-2017-tax-laws-trillion-dollar-corporate-rate-cut-in#:~:text=At%20a%20cost%20of%20%241.3%20trillion%20over%20ten%20years%2C%20the%20corporate%20rate%20cut%20was%20the%20most%20expensive%20provision%20of%20the%202017%20law.%5B32%5D%20While%20corporate%20tax%20cuts%20can%20have%20some%20positive%20economic%20effects%2C%20they%20don%E2%80%99t%20come%20close%20to%20paying%20for%20themselves.https://twitter.com/share?url=https://www.jec.senate.gov/public/index.cfm/democrats/2024/8/republicans-want-to-extend-tax-cuts-that-benefit-the-wealthy-and-make-everyone-else-pay-for-it https://www.whitehouse.gov/omb/briefing-room/2024/03/11/fact-sheet-the-presidents-budget-for-fiscal-year-2025/https://www.facebook.com/sharer/sharer.php?u=https://www.jec.senate.gov/public/index.cfm/democrats/2024/8/republicans-want-to-extend-tax-cuts-that-benefit-the-wealthy-and-make-everyone-else-pay-for-it https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/04/fact-sheet-extreme-house-republican-plan-would-cut-medicare-and-social-security-while-slashing-taxes-for-big-corporations-and-the-wealthy/#:~:text=At%20the%20same,Security%20and%20Medicare%3F https://www.americanprogress.org/article/the-tax-cuts-and-jobs-act-failed-to-deliver-promised-benefits/#:~:text=The%20benefits%20of%20the%20corporate%20rate%20cut%20were%20highly%20skewed%20toward%20the%20top%20of%20the%20earnings%20distribution https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver#_ednref16:~:text=Failing%20to%20allow,average.%5B17%5D https://www.taxpolicycenter.org/model-estimates/sec199a-deduction-qualified-business-income-qbi-july-2020/t20-0227-tax-benefit https://www.jct.gov/getattachment/655c151f-fa6a-4660-a961-05d028c2d000/Child-Tax-Credit-Expansion.pdf https://www.whitehouse.gov/briefing-room/statements-releases/2024/04/04/fact-sheet-extreme-house-republican-plan-would-cut-medicare-and-social-security-while-slashing-taxes-for-big-corporations-and-the-wealthy/https://www.taxpolicycenter.org/taxvox/navigating-tcjas-pass-through-deduction-0 https://www.cbo.gov/publication/60114

Source diversity

www.taxpolicycenter.org budgetmodel.wharton.upenn.edu democrats-budget.house.gov www.cbpp.org patrick-kennedy.github.io hern.house.gov www.cbo.gov beyer.house.gov www.budget.senate.gov twitter.com www.whitehouse.gov www.facebook.com www.americanprogress.org www.jct.gov

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