Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Yo_Mama_Been_Loggin

(108,619 posts)
Thu May 9, 2024, 07:54 PM May 9

The real cost of Trump's 2017 tax cuts for the rich? Double the estimate

There is really only one signature legislative “achievement” from Donald Trump’s time in the White House: The 2017 Tax Cuts and Jobs Act. He did other things while in office—bungling the pandemic, wrecking relationships with allies, insulting veterans—but when it comes to bills pushed through Congress and collecting Trump’s signature, there’s only one thing that stands out. A tax bill that emptied the nation’s coffers to pay off billionaires and corporate bosses.

Even at the time, it was clear that the bill would be extremely costly. Republican leaders claimed that the tax bill would generate growth and lead to “$1 trillion in additional revenue.” But the Congressional Budget Office estimated that the bill would actually cost the government $1.9 trillion before its cuts expired in 2025.

Now the CBO is back with a new estimate of what it would cost to keep Trump’s tax cut in place over the next decade, and that estimate is more than double the original cost. Keeping Trump’s tax cuts would cost a whopping $4.6 trillion and send the nation on a path to a level of deficit only seen during the Great Depression, World War II, and … Trump’s bungling of the pandemic.

Trump’s tax cuts are slated to expire in 2025, meaning that the winner of this election is going to determine whether the nation puts an end to this gravy train for billionaires, or extends it at a crushing cost to the average American. At his fundraiser that supposedly made $50 million in April, Trump told wealthy donors exactly what they wanted to hear: He plans to extend the tax cuts.

https://www.dailykos.com/stories/2024/5/9/2239757/-The-real-cost-of-Trump-s-2017-tax-cuts-for-the-rich-Double-the-estimate

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
The real cost of Trump's 2017 tax cuts for the rich? Double the estimate (Original Post) Yo_Mama_Been_Loggin May 9 OP
Another reason (and a good one) to keep tRUMP out of the WH. He would put us into the poor house. SWBTATTReg May 9 #1
Same as ever. OAITW r.2.0 May 9 #2

Kick in to the DU tip jar?

This week we're running a special pop-up mini fund drive. From Monday through Friday we're going ad-free for all registered members, and we're asking you to kick in to the DU tip jar to support the site and keep us financially healthy.

As a bonus, making a contribution will allow you to leave kudos for another DU member, and at the end of the week we'll recognize the DUers who you think make this community great.

Tell me more...

Latest Discussions»General Discussion»The real cost of Trump's ...