GOP tax cuts would add $3.2 trillion to federal deficit, study finds
Tax cuts proposed by the Republican Party would add more than $3.2 trillion to the federal deficit over a decade, the nonpartisan Tax Policy Center concluded in a report Thursday.
The GOP has suggested a second round of tax cuts to cement some of the provisions from the tax reform bill passed last December, and a House committee began considering the measure ahead of a vote later this month, reports The Washington Post. The original reform, which included a provision for deductible corporate jets, is set to expire in 2025, but the new package would permanently extend some of those cuts.
"The bill would reduce federal revenues by $631 billion" between 2019-2028, the report found, and by $3.2 trillion between 2029-2038. "Taxes would decline on average across all income groups, but higher-income households would generally receive larger average tax cuts," the study concluded.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Republicans say the cuts would save Americans money and boost the economy, but critics say it would disproportionately benefit the wealthiest households. The report comes just days after the Congressional Budget Office announced that the deficit was on track to top $1 trillion in 2018, drawing criticism that the first round of tax cuts had aided in increasing the nation's debt to some of the highest points in history. Read more at The Washington Post.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Summer Meza has worked at The Week since 2018, serving as a staff writer, a news writer and currently the deputy editor. As a proud news generalist, she edits everything from political punditry and science news to personal finance advice and film reviews. Summer has previously written for Newsweek and the Seattle Post-Intelligencer, covering national politics, transportation and the cannabis industry.
-
Magazine interactive crossword - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Magazine solutions - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Magazine printables - May 3, 2024
Puzzles and Quizzes Issue - May 3, 2024
By The Week US Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published
-
Feds cap credit card late fees at $8
speed read The Consumer Financial Protection Bureau finalized a rule to save households an estimated $10 billion a year
By Peter Weber, The Week US Published