Trump tax cuts, if made permanent, stand to benefit highest income earners, Treasury analysis shows Story by FATIMA HUSSEIN • 2h "The Urban-Brookings Tax Policy Center in July reported that households making about $450,000 or more would receive more than 45% of the benefits of extending key provisions of the 2017 act. And the Penn Wharton Budget model estimates that permanently extending the TCJA would increase deficits by $4 trillion over the next decade." This means that 45% of the tax cuts go to about 3% of the population at the expense of about 4.2 TRILLION over the next decade. On the other hand: "If the tax cuts were only extended for families making $400,000 or less a year — a promise President Joe Biden and Vice President Kamala Harris made on the 2024 campaign trail — that would reduce the cost of extending expiring TCJA provisions to $1.8 trillion, or less than half the cost of extending all the individual and estate tax cuts."
Silly Trump voters will get what they deserve. They just won't be informed enough to realize it. (And it may happen decades or generations later, such as when their kids and grandkids are paying down the Trump-tax-cut-debt.) All we can do is watch and laugh.
Until people understand you can’t cut taxes for people paying nothing. And that 40-50 percent of the population in a given year has no federal income tax liability. Then of course any tax cut is going to benefit those who are currently bearing the largest burden.
I do not think tax cuts can be made permanent using Reconciliation. I think there is a 10 year limit.
Can’t wait. The upside of losing an election to the will of the working class is that they are compensating my disappointment with a tax cut at their expense. Looking forward to Trump....
