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Extending Trump Tax Cuts Would Benefit Top Earners the Most: Treasury

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
As Republicans prepare to extend the 2017 Trump-era tax cuts that are currently scheduled to expire at the end of the year — or make them permanent — a new analysis by the Treasury Department finds that fully renewing the cuts would cost more than $4 trillion over 10 years,
The article from MSN discusses a recent analysis by the Treasury Department which indicates that extending the tax cuts implemented during the Trump administration would disproportionately benefit high-income earners. The tax cuts, part of the Tax Cuts and Jobs Act of 2017, are set to expire in 2025. According to the Treasury's findings, the wealthiest 1% of Americans would receive the largest tax reductions if these cuts were made permanent. This would exacerbate income inequality, as the benefits for middle and lower-income groups would be significantly less. The analysis also highlights that the cost of these tax cuts would be substantial, potentially adding trillions to the federal deficit over the next decade. Critics argue that this policy would not only favor the rich but also fail to address pressing economic issues like wage stagnation for the majority of workers.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/extending-trump-tax-cuts-would-benefit-top-earners-the-most-treasury/ar-BB1rfMQX ]