Estimations for the cost of extending the Trump tax cuts have gone up every year, and it’s not exactly clear why, according to an analysis by the Committee for a Responsible Federal Budget (CRFB), a Washington think tank. Extending the expiring provisions in former President Trump’s tax cuts is slated to cost more than $4 trillion by 2028, according to current Joint Tax Committee and Congressional Budget Office projections. That’s compared to around $3 trillion when the law was passed, marking an increase of roughly 33 percent, more than what would be expected from growth in the economy and inflation alone, the report argues. “While inflation and economic growth explain some of the difference, the costs of the tax cuts as a share of GDP have increased by about 30 percent (0.3 percentage points) since 2018,” budget researchers said. Extending Donald Trump's tax cuts is getting more expensive. It's not clear why.
I can't wait for the MAGA deficit hawks to jump in and support this. If we're going to waste a trillion dollars we should just focus on the middle class
Republicans only become deficit hawks when there is a Democrat in the White House. They have a long history of supporting budget busting tax cuts, the most recent being Trump's 2017 tax cut which resulted in perhaps the only period in peacetime in which the budget deficit increased while the unemployment rate declined.
