Thursday, May 09, 2024

CBO: Trump Tax Cut Extension Cost Swells to $3.8 Trillion

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.

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... Lawmakers will confront the deficit impact of renewing the cuts, portions of which expire next year, as the US faces as "daunting" fiscal outlook, Congressional Budget Office Director Phillip Swagel said in an interview at Bloomberg News's Washington bureau on Wednesday.

The Congressional Budget Office's estimate, released Wednesday, is double the $1.9 trillion cost of the original Trump tax cuts -- a more expansive bill which also included permanent reductions in corporate taxes. ...



#1 | Posted by LampLighter at 2024-05-08 02:52 PM

---- BILLIONAIRES

#2 | Posted by LegallyYourDead at 2024-05-08 03:21 PM

Trump is of course promising bigger and better Deficit Spending Tax Cuts slanted to the wealthiest people/corporations.

And what will millions of werkin' people do? Vote for that because he says to.

#3 | Posted by Corky at 2024-05-08 03:50 PM

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. ...



#4 | Posted by LampLighter at 2024-05-08 07:29 PM

The party of fiscal responsibility.

#5 | Posted by Nixon at 2024-05-09 07:00 AM

Deficits only matter when democrats hold the White House.

#6 | Posted by donnerboy at 2024-05-09 12:56 PM

The point of the CBO releasing these numbers is to frame Biden's proposal letting the tax cuts expire.

Which means its probably at some level factually incorrect.


Deficits only matter when democrats hold the White House.

#6 | POSTED BY DONNERBOY

They do? Why aren't there any government cuts then? Deficits don't matter, more and more fees and taxes are what the government is doing.

Not to worry, it will end one day, but your grand kids are going to suffer.

#7 | Posted by oneironaut at 2024-05-09 01:06 PM

Renewal of these tax cuts will be the death knell of Social Security, which (according to the WSJ) will have to draw from regular tax revenue come 2034 to pay out as it does now. For the renewal, (1) Der Dotard will have to be re-elected, and (2) both chambers of the legislature will have to be in GOP control next year. If Diamond Joe is re-elected, the tax cuts will die, and it will matter little to Dotard, who will be spending his fortune on legal fees to try to stave off a slide into prison...

#8 | Posted by catdog at 2024-05-09 01:07 PM

They do? Why aren't there any government cuts then? Deficits don't matter, more and more fees and taxes are what the government is doing.
Not to worry, it will end one day, but your grand kids are going to suffer.

#7 | POSTED BY ONEIRONAUT

Taxes are some of the lowest they've been in over 50 years.

Frankly there isn't much to cut. Take a look at the budget. Unless you are okay with cutting military spending?

#9 | Posted by Sycophant at 2024-05-09 01:20 PM

"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?

#10 | Posted by donnerboy at 2024-05-09 01:21 PM

So they always talk about the "costs" of these tax cuts and never the benefit. When they were enacted tax revenues rose in this country and over a 10 year period would be more than the "costs" of the cuts.
It's always the lazy who whine about the cuts, why? Because they get tax refunds every year.

#11 | Posted by fishpaw at 2024-05-09 01:39 PM

"They do? Why aren't there any government cuts then?"
SS
So poor kids should starve so billionaires can extend tax cuts and Dummy, don't even start on SS BECAUSE it is self-funding FYI!

BBBut inflation!!!
Typical Right Wing Dummy!

Inflation, where didst thou come from, who are you Fathers? Reagan, Bush, Bush, Trump!
Who let that happen? Silent Majority, Evangelical UnChristians, and now MAGA or whatever stupid name the Stupid People's Alliance calls themselves today! But hey, let's blame immigrants! 11th Commandment from God: "Never blame the richest people who pay less tax than working stiffs" Calvinism 101! The rich are rich because God loves them more!

#12 | Posted by danni at 2024-05-09 01:43 PM

#12 Danni you sound like Ozzie Osborne more and more each day.
"the richest people pay less than the working stiffs." Another really stupid line. Yes the percentage they pay is less but did you know that Jeff Bezos paid $1.4 billion in personal federal taxes? That doesn't include state or real estate taxes. I'm sure when you were allowed to work you didn't pay $1000 in taxes and then got that refunded, and used the government services that taxes pay for more than Bezos.

#13 | Posted by fishpaw at 2024-05-09 01:58 PM

So they always talk about the "costs" of these tax cuts and never the benefit. When they were enacted tax revenues rose in this country and over a 10 year period would be more than the "costs" of the cuts.
It's always the lazy who whine about the cuts, why? Because they get tax refunds every year.

#11 | POSTED BY FISHPAW

The smallest increase in tax revenue was seen in 2018.

The biggest increases happened in the years BEFORE the tax cuts.

Any other lies for us?

#14 | Posted by Sycophant at 2024-05-09 01:59 PM

#14 www.google.com

The only year it went down was during covid. Get a job.

#15 | Posted by fishpaw at 2024-05-09 02:03 PM

"The only year it went down was during covid. Get a job."

Genius Fishpaw comes down squarely in favor of tax cuts for the rich so I assume he's rich too! Wht else would anyone support tax cuts for the rich?

#16 | Posted by danni at 2024-05-09 02:15 PM

NO MORE giveaways to the richest 2-3%, your millionaires and billionaires.

We need to draw a serious Line in the Sand.

They have had 5 tax breaks (windfalls) since Reagan.
They are ALREADY filthy rich.
They NEED no more.

EVERY TIME they get a tax break,
the tax burden increases on the rest of us...

#17 | Posted by earthmuse at 2024-05-09 02:23 PM

Genius Fishpaw comes down squarely in favor of tax cuts for the rich so I assume he's rich too! Wht else would anyone support tax cuts for the rich?

#16 | POSTED BY DANNI

Stupidity is the only reason.

#18 | Posted by Sycophant at 2024-05-09 03:03 PM

The smallest increase in tax revenue was seen in 2018.
The biggest increases happened in the years BEFORE the tax cuts.
Any other lies for us?
#14 | POSTED BY SYCOPHANT

#14 www.google.com
The only year it went down was during covid. Get a job.
#15 | POSTED BY FISHPAW

Math and Reading is hard for stupid people apparently.

I said the SMALLEST increase. Look at the numbers.

#19 | Posted by Sycophant at 2024-05-09 03:05 PM

"the richest people pay less than the working stiffs." Another really stupid line. Yes the percentage they pay is less but did you know that Jeff Bezos paid $1.4 billion in personal federal taxes? That doesn't include state or real estate taxes. I'm sure when you were allowed to work you didn't pay $1000 in taxes and then got that refunded, and used the government services that taxes pay for more than Bezos.

#13 | POSTED BY FISHPAW

And he made $127 billion. 1.1% tax rate

And you think that's fair to the average worker?

Why does capital just sitting somewhere making money get taxed lower than sweat labor?

Why do you hate working people?

#20 | Posted by Sycophant at 2024-05-09 03:09 PM

#9 | Posted by Sycophant

Try lowest in 80ish years. Right now the elite control a greater portion of the money than when the Robber Barons were dealt with.

#21 | Posted by GalaxiePete at 2024-05-09 05:09 PM

FYI: tax cuts never cost the government money. Spending is what costs the government money.

#22 | Posted by THEBULL at 2024-05-09 05:40 PM

"Yes the percentage they pay is less but did you know that Jeff Bezos paid $1.4 billion in personal federal taxes?"

Why did you keep running your mouth after "yes the percentage is less?"

The rich have a lower tax rate than you... and you still think they're over taxed.

What happened to you? Did you get your cancer cured in some hospital with a some Saudi Prince's name on the front, so now you think the rich are on your side?

#23 | Posted by snoofy at 2024-05-09 05:42 PM

FYI: tax cuts never cost the government money. Spending is what costs the government money.
#22 | POSTED BY THEBULL

FYI: price cuts never cost the business money. Spending is what costs the business money.

Same little duck energy.

#24 | Posted by snoofy at 2024-05-09 05:44 PM

The bull is a Trump voter.

You can tell by how ignorant he is.

#25 | Posted by ClownShack at 2024-05-09 05:47 PM

FYI: price cuts never cost the business money. Spending is what costs the business money.

There it is.

The millionaires in Congress have a plan for that. ----- Scott made millions defrauding medicare and he now wants to make social security and medicare subject to a vote to continue the programs every five years. Then all it takes is a handfull of senators in safe states to refuse cloture on re-authorizing it and bam you are working until you either too old to work and have to move in with your kids or live on the street.

All the top 1% can own 100% of the wealth in America.

The GOP is scum.

#26 | Posted by Nixon at 2024-05-10 07:55 AM

How did extremely rich reduce their tax burdens before idiot Reagan's trickle down economics? They invested into industries that required millions of employees the costs beinf tax deductions. Our middle class economy was built by taxing the richest heavily but also allowing them to deduct invome invested into industry. Tax cuts for the 1% now gives them more money for yachts and private jets but not much for the oveerall economy. If this nation had listened to Republicans in 1932 we would still be in the Great Republican Deong headed Republican isolationists bitch and moan sbout rpression of 1929 and the Allies would not have won WWII. Today, a modern day Hitler is threatening Europe and the same wrong headed Republican Isolationists bitch about aid flowing to the Ukrainians who are doing all the fighting in this war against Russian domination of Europe. Europeans get it but American Republicans really are just so stupid they don't don't see history repeating itself. French President Mscron is not so blind or stupid; he sees clearly how Russia's aggression would increase if he can destroy Ukraine and keep moving south into Western Europe; investing in Ukrainian defense of their nation is the smartest investment of American tax dollars we could possibly be making right now. Believe me, Putin recognizes this which is exactly why he tries so hard to assist his bitch in the 2024 election. Putin's military objectives depend on a a Trump victory in November. It can literally be said that a vote for Trump is a vote for Putin. Very sad day for America when one of the leading candidates for President is a traitor in the employ of Vlaimir Putin. All of the crimes he is being prosecuted for are miniscule compared to his intent to commit treason if he ever regains the WH!

#27 | Posted by danni at 2024-05-10 08:57 AM

Price cuts aren't the same because businesses have to offer services that people want for a price they are willing to pay. Government just comes in and steals your money at the barrel of a gun. They spend way more than they can afford to spend, 34 trillion more to this point in time. They have a major spending problem, not a tax problem.

#28 | Posted by THEBULL at 2024-05-11 09:56 AM

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