Washington, D.C. — The corporate provisions of the 2017 Tax Cuts and Jobs Act, colloquially known as the “Trump tax cuts,” were largely permanent; however, the individual and estate tax provisions are set to expire at the end of 2025. A new Center for American Progress analysis based on a new set of Congressional Budget Office (CBO) estimates finds that permanently extending the expiring provisions of the Trump tax cuts would, in 2024 dollars, cost $10.3 trillion over 30 years.
The analysis also finds that extending the Trump tax cuts would increase the projected ratio of debt to gross domestic product (GDP) to more than 200 percent of GDP by 2054.
“Extending the Trump tax cuts would once again disproportionately help the richest Americans,” said Bobby Kogan, senior director of federal budget policy at CAP and co-author of the column. “Regressive tax cuts are the entire reason debt is rising as a percentage of the economy, and Congress should not double down on this failed and unfair budget policy.”
Read the column: “Permanently Extending the Trump Tax Cuts Would Cost $4 Trillion Over the Next Decade” by Bobby Kogan and Jessica Vela
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