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To help pay for Trump tax cuts, new taxes on worker benefits become GOP target
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To help pay for Trump tax cuts, new taxes on worker benefits become GOP target

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
The GOP Congress is looking at including employer-provided benefits like free transportation, food and gyms as taxable income as a way to pay for tax cuts.
The article from MSN discusses how, in an effort to offset the costs of the Trump-era tax cuts, some Republican lawmakers are now targeting new taxes on worker benefits. These tax cuts, enacted in 2017, significantly reduced the corporate tax rate and provided various tax benefits, leading to a substantial increase in the federal deficit. To address this, proposals include taxing employer-provided health insurance, retirement plans, and other fringe benefits. Critics argue that these new taxes could undermine the very benefits that help middle-class workers, potentially reducing their disposable income and financial security. The debate centers around balancing fiscal responsibility with maintaining the economic advantages promised by the tax cuts, highlighting a tension within the GOP on how to fund government operations without reversing the tax reductions.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/to-help-pay-for-trump-tax-cuts-new-taxes-on-worker-benefits-become-gop-target/ar-AA1yh50m ]