The cost of extending the 2017 tax cuts enacted under President Donald Trump has expanded to $3.8 trillion over ten years, putting a massive price tag on what is likely to be a top issue in Washington next year, according to new estimates from Congress's fiscal scorekeeper.
Another view...
Extending Trump Tax Cuts Would Add $4.6 Trillion to the Deficit, CBO Finds
www.budget.senate.gov
... According to the latest report by the nonpartisan Congressional Budget Office (CBO), extending the Trump tax cuts for the next 10 years"as Republicans have proposed"would add $4.6 trillion to the deficit.
The report, written at the urging of Senator Whitehouse (D-RI), Chairman of the Senate Budget Committee, and Senator Wyden (D-OR), Chairman of the Senate Finance Committee, finds that the extension would cost $1.1 trillion more than previously estimated. The Trump tax cuts overwhelmingly benefit large corporations and the wealthiest Americans, and extending them remains a top policy priority among Republicans.
"Republicans are awfully eager to shield their megadonors from paying taxes," said Budget Chairman Whitehouse. "Remember when Republicans held our entire economy hostage demanding cuts to IRS enforcement so they couldn't go after wealthy tax cheats. Remember the Trump tax scam cutting taxes for billionaires and big corporations. Now they're set on extending those tax cuts, even though it would blow up the deficit. The Trump tax cuts were a gift to the ultrarich and a rotten deal for American families and small businesses. With their impending expiration, we have a chance to undo the damage, fix our corrupted tax code, and have big corporations and the ultra-wealthy begin to pay their fair share."
"The Republican tax plan is to double down on Trump's handouts to corporations and the wealthy, run the deficit into the stratosphere, and make it impossible to save Medicare and Social Security or help families with the cost of living in America," said Finance Committee Chairman Wyden. "Republicans have planned all along on making Trump's tax handouts to the rich permanent, but they hid the true cost with timing gimmicks and a 2025 deadline that threatens the middle class with an automatic tax hike if they don't get what they want. In short, they're focused on helping the rich get richer, and everybody else can go pound sand. Democrats are going to stand by our commitment to protect the middle class while ensuring that corporations and the wealthy pay a fair share."
According to the Institute on Taxation and Economic Policy, extending the Trump tax cuts would create a $112.6 billion windfall for the top five percent of income earners in the first year alone.
The richest five percent of Americans would reap 40 percent of the benefits from the law's extension in the first year alone -- more than the bottom 80 percent -- making this legislation one of the most regressive and expensive tax giveaways in history. ...
"They do? Why aren't there any government cuts then?"
Because Republicans have become extremists.
Is it really that hard for you to see what the republicans efforts are at cutting programs for those most in need?
Medicare " The budget includes payment cuts to providers totaling nearly half a trillion over ten years.
Medicaid " The budget includes more than $2 trillion in cuts to mandatory health spending, which largely reflects drastic cuts to Medicaid.
Economic Security " The budget cuts mandatory funding for income security programs by nearly $1 trillion. Such extreme cuts would drastically hinder programs like the Supplemental Nutrition Assistance Program (SNAP) and Temporary Assistance for Needy Families (TANF) from helping people meet their basic needs and not go hungry.
Education and Training " The budget also cuts mandatory funding for education by nearly $400 billion.
Infrastructure " The budget cuts $300 billion from the Highway Trust Fund, and the multiplied impact of that reduction would ripple across state and local budgets.
Tax Gap Enforcement " The budget cuts $85 billion from general government programs, likely reflecting Republicans' continued efforts to hobble IRS enforcement activities and help wealthy tax cheats dodge their obligations. CBO recently concludedthat canceling $35 billion in IRS enforcement activities would result in revenue losses of $89 billion, increasing the deficit by $54 billion.
More at: democrats-budget.house.gov
Have you not seen what republicans are trying to cut from the budget? Are they censoring that information in China?
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