Aug 07 2024
Republicans Want to Extend Tax Cuts That Benefit the Wealthy and Make Everyone Else Pay For It
All recent Republican budget plans create significant tax breaks for the ultrawealthy with offsets that harm everyone else. Extending the 2017 Republican tax cuts is expected to cost trillions of dollars over the next decade, adding $4.6 trillion to the deficit. In particular, provisions that overwhelmingly benefit the wealthy like the deduction for “pass-through businesses” and the higher estate and gift tax exemptions would respectively add $684 billion and $167 billion to the deficit over 10 years.