Projected Costs of Extending Trump's Tax Cuts Reach Trillions, Stirring Fiscal Debate

As the expiration of Trump-era tax cuts looms, new estimates reveal a potential addition of trillions to the U.S. deficit, intensifying discussions on fiscal responsibility.

• Congressional Budget Office reports extending 2017 tax cuts could add $3.3 trillion to U.S. deficits over 2025-2034.
• Renewal of individual and estate tax cuts projected to cost $4.6 trillion, doubling the cost of the original legislation.
• Debate intensifies as Republicans push for permanence, while Democrats argue for restructuring to target wealth disparities.
• Potential fiscal impacts include escalating U.S. debt to unprecedented levels, challenging future economic stability.
• Biden administration proposes countermeasures, including tax hikes for corporations and high earners to offset deficits.

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The Hill mint Brookings