No. of Recommendations: 16
Well, it turns out that tax cuts don't actually pay for themselves. According to the Congressional Budget Office, permanently extending the Trump tax cuts without paying for them would in fact be very costly. The national debt “would reach 214 percent of GDP in 2054, 47 percentage points higher” than if the tax cuts aren’t extended. The CBO’s report goes on to say that extending the Trump tax cuts would harm the economy and increase consumers’ borrowing costs.
The tax cuts add $4 trillion to the debt and republicans don't have a way to pay for them. The House GOP’s proposal attempts to offset some of the extension by kicking millions of people off Medicaid and cutting food benefits down to just $1.67 per person per meal on average. Yet that still increases the debt by around $3 trillion.
In order to qualify under reconciliation, republicans have decided that because we’ve already been incurring the costs, continuing them shouldn’t count as a new cost.
Bottomline: America’s top 0.1% would get a tax cut of $278,000 while 28 million households in the bottom 80 percent would have no change in their tax bill and 14 million in the bottom 80 percent would actually have their taxes go up because King Donald loves the Average Joe.
So, <squirrel> DOGE cuts a fake $100B from the deficit while the tax cuts add $4T to the debt.
Huh.
https://punchbowl.news/article/finance/economy/cbo...https://thehill.com/homenews/5207985-trump-tax-cut... 