GOP plans another corporate tax giveaway if Trump wins
Republicans are poised to repeat their 2017 tax bill if Donald Trump wins in November’s presidential election, according to The Washington Post.
The plan includes not only extending Trump’s tax cuts but also further reducing corporate rates.
The move could add $1 trillion to the national debt over a decade.
Despite President Joe Biden’s campaign promise to roll back the 2017 Tax Cuts and Jobs Act or TCJA, no significant changes have been made.
Democrats warn further cuts would worsen income inequality and inflate consumer prices.
Observers say Trump’s support for wealthy interests remains evident.
He has promised to prioritize extending tax cuts for the rich if reelected.
The Congressional Budget Office has estimated that extending provisions of the 2017 tax cut law set to expire next year would add $4.6 trillion to the US deficit.
Analysts say that slashing corporate taxes even further than the 2017 law would reward many of the same corporations that have pushed up prices for consumers in recent years.
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