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10mo ago

GOP Plans New Corporate Tax Cuts Amid Fiscal Policy Debate

Republicans aim to extend 2017 tax cuts and further reduce corporate rates, sparking concerns over deficit impact.

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President Donald Trump signs the Tax Cut and Reform Bill, a $1.5 trillion tax overhaul package, into law in the Oval Office in 2017.

Overview

  • Republicans seek to extend individual tax cuts from 2017 set to expire in 2025.
  • Proposals include reducing the corporate tax rate below the current 21%, potentially to 15%.
  • Analysts estimate a significant increase in the national debt if these cuts are implemented.
  • The Biden administration criticizes the plans as favoring wealthy corporations over middle-class Americans.
  • Debate intensifies as the GOP prepares for potential control of Congress and the White House in upcoming elections.