25 Mar 2025 11:29 pm
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https://www.cbpp.org/research/federal-b ... -on-costly
Following a presidential campaign in which Donald Trump promised to improve the economic circumstances of working families, House Republicans are instead pushing to extend all expiring provisions of the costly 2017 tax law — which are heavily skewed to people with high incomes — and add new tax cuts on top. The Republican-controlled House passed a budget resolution on February 25 authorizing $4.5 trillion in tax cuts through 2034 and calling on committees to partially offset the cost with $2 trillion in cuts; these cuts will inevitably hit programs such as Medicaid and SNAP, which help millions of families afford essential needs.[1]"Extending the expiring tax cuts for individuals and large estates would double down on the flaws in the 2017 law by giving the biggest benefits to the wealthy, ballooning the deficit, and failing to significantly boost economic growth, workers’ earnings, or other benefits for workers."Extending the expiring tax cuts for individuals and large estates would double down on the flaws in the 2017 law by:
- Giving the biggest benefits to the wealthy. Households with incomes in the top 5 percent, who have incomes over around $320,000, would receive roughly half of the benefits of extending the expiring tax cuts.