The Congressional Budget Office estimates that extending the 2017 Tax Cuts and Jobs Act would increase the national deficit by $5 trillion over a decade. This estimate poses a challenge for Republicans who are trying to extend these tax cuts while facing narrow margins in Congress.
Extending the 2017 tax cuts would add $5 trillion to the deficit over 10 years, according to the Congressional Budget Office . The 2017 Tax Cuts and Jobs Act raised the standard deduction, lowered income tax rate brackets, and created a deduction for small business income. All these provisions are set to expire at the end of 2025. The Republican Party faces challenges in extending these cuts due to the potential increase in the national deficit and narrow margins in the House and Senate.
Lawmakers are debating the cost of extending the tax cuts, with some dismissing the $5 trillion deficit estimate and arguing that the cuts will eventually boost the economy and government revenues. However, the nonpartisan Congressional Budget Office has maintained that extending the tax provisions would indeed increase the deficit
Tax Cuts And Jobs Act Deficit Congressional Budget Office Republican Party Tax Policy
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