Testimony of
Samantha Jacoby, Senior Tax Legal Analyst, Center on Budget and Policy Priorities, Before the Senate Committee on the Budget…
In my testimony, I will make three main points:
- Second, extending the Trump tax cuts that expire at the end of 2025 would continue to mostly benefit the well-off and, if not paid for, would add considerably to the nation’s long-term fiscal challenges. Permanently extending the cuts would benefit households in the top 1 percent more than twice as much as those in the bottom 60 percent as a share of their incomes — providing a roughly $41,000 annual tax cut for the top 1 percent compared to $500 for households in the bottom 60 percent, on average — at a cost of around $300 billion per year. This would be on top of the large benefits high-income households will continue to receive from the 2017 tax law’s permanent provisions.
- Third, instead of doubling down on the failed trickle-down path of the Bush and Trump tax cuts, policymakers should set a new course by partially reversing the 2017 law’s flawed corporate tax cut, strengthening its international tax provisions, and reconsidering the tax code’s large tax breaks for high-income and high-wealth households. Doing so would make the tax code more progressive and raise substantial revenues that could be used to address the nation’s long-term fiscal challenges and pay for important policy priorities. This approach stands in stark contrast to the House Republican debt limit bill, which would force deep cuts in a host of national priorities; leave more people hungry, homeless, and without health coverage; and make it easier for wealthy people to cheat on their taxes.[1]
www.jobcreatorsnetwork.com
::ty paying jobs. lol What a bunch of losers
