(PatriotNewsDaily.com) – GOP lawmakers have argued that they wanted to extend the tax cuts introduced by former President Donald Trump after 2025. However, they have not decided how to cover the $4 trillion cost.
Any decisions on moving forward with an extension will most likely come after November and will be greatly affected by whether or not the Republicans manage to win majorities in the Senate and House. It will also greatly depend on who wins the White House race. However, the discussions within the party have started already.
Many have pointed out that extending the tax cuts would lead to economic growth, meaning that they won’t need to be funded. However, others have been looking for ways to cut back on the net cost by reducing federal spending and repealing other tax breaks.
The Congressional Joint Committee on Taxation has noted that an extension of the tax cuts would bring down the national revenue by $4 trillion. This figure comes at a time when $20 trillion in new deficits has already been projected.
The current tax law had first been enacted in 2017 with the budget deficit at the time being 3.4 percent of the national gross domestic product; however, since then, the rate has increased and is often more than 5 percent of GDP.
Former President Donald Trump, the presumptive GOP nominee in 2024, has stated that he wanted to extend the tax cuts but has failed to put out a concrete plan on how he would pay for the extension.
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