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.
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. Summer Meza