“As Republicans on Capitol Hill lay the groundwork for extending the 2017 tax cuts, cracks are already emerging on one of the biggest questions: how to handle the cost,” CNBC reports.
“Extending the tax provisions is estimated to increase the deficit by $5 trillion, according to the nonpartisan Congressional Budget Office. Yet many lawmakers are quick to dismiss or explain away the number, arguing the tax cuts will ultimately help the economy and, subsequently, revenue for the government.”
“The debate over cost is one of the first major ones lawmakers will need to tackle as they look to extend and potentially build upon the Tax Cuts and Jobs Act of 2017, which raised the standard deduction, lowered income tax rate brackets, and created a deduction for small business income. All of those provisions are set to expire at the end of 2025, although some other changes in the bill, including the 21% corporate tax rate, would continue.”
