Donald Trump is garnering support from Wall Street donors with his proposal to extend the 2017 tax cuts, despite the significant financial implications. The extension, which could cost an estimated $4.6 trillion over the next decade, is projected to pay for only 1% to 14% of itself. The Congressional Budget Office (CBO) has highlighted that this extension could exacerbate the national debt, which is already higher than in 2017, with ballooning interest costs and looming Social Security challenges. Despite these concerns, Republican enthusiasm for the renewal remains strong. The Tax Cuts and Jobs Act (TCJA) extension sets up a crucial 2025 fight.
The prospect of a fresh round of tax cuts next year is helping Donald Trump woo Wall Street donors but threatens to add trillions of dollars to the national debt. https://t.co/eJ2SJeHZHp
Soaring cost estimates for extending Trump tax cuts set up a crucial 2025 fight: *CBO puts tab at $4.6 Trillion over next decade *Fight comes with US debt far higher than 2017, interest costs ballooning & Social Security cliff looming... w/@chrisjcondon https://t.co/OeYcDMfSvK
Trump's immigration plans, such as they are, will only make a bad situation worse https://t.co/BRVBbgECo8
The prospect of a fresh round of tax cuts next year is helping Donald Trump woo Wall Street donors but threatens to add trillions of dollars to the national debt. https://t.co/kxBxJctzwx
Donald Trump is wooing Wall Street donors with his tax cut plan, which threatens to add trillions of dollars to the national debt https://t.co/OVpfDhwQzi via @bpolitics
(Bloomberg) - The estimated $4.6 trillion cost of extending expiring portions of Trump’s 2017 tax cuts isn’t dampening Republican enthusiasm for renewal next year. @business #TCJA https://t.co/734nNZq2R2
Trump Tax Cut Renewal Is Winning Wall Street, But Could Cost $4.6 Trillion - BBG https://t.co/Yt0Q3Mrb8y
Donald Trump is wooing Wall Street donors with his tax cut plan, which threatens to add trillions of dollars to the national debt https://t.co/BbjM8gYGhC
A TCJA extension will likely grow the economy -- at least for the next decade or so. But the effects will be pretty modest, and may turn negative thanks to the higher debt. Tax Cut Extension Would Only Pay for 1% to 14% of Itself-2024-06-06 (https://t.co/OqhZ55tWVH) https://t.co/tyfsVDshEm
Tax Cut Extension Would Only Pay for 1% to 14% of Itself-2024-06-06 https://t.co/n9r69UUw1o