Trump's Tax Plan to Extend 2017 Tax Cuts, Cost $3.2 Trillion Over 10 Years

Nov 9, 2024, 06:20 PM

President-elect Donald Trump and Congressional Republicans are poised to extend the individual tax cuts from the Tax Cuts and Jobs Act of 2017, which are set to expire at the end of 2025. The Congressional Budget Office estimates that expanding these tax cuts would cost $3.2 trillion over the next decade and $10.3 trillion over the next 30 years. Meanwhile, two business tax cuts from the same act have already been phased out.