[Financial Times]: Beware America’s fake fiscal conservatives
By Oren Cass

https://on.ft.com/4iMvKEq

#taxcuts #tcja #taxcutsanjobsact #mikecrapo #conservatives #deficit #budget

Currently set to expire in 2025, "... the CBO is back with a new estimate of what it would cost to keep trump’s tax cut in place over the next decade... more than double the original cost... a whopping $4.6 trillion...

... the bill produced only a small fraction of the promised benefits. Far from generating revenue, as Republicans promised, corporate tax revenue dropped by $100 to $150 billion per year..."
https://www.dailykos.com/stories/2024/5/9/2239757/-The-real-cost-of-Trump-s-2017-tax-cuts-for-the-rich-Double-the-estimate v @dailykos
More: https://www.cbpp.org/research/federal-tax/the-2017-trump-tax-law-was-skewed-to-the-rich-expensive-and-failed-to-deliver
#TCJA #USpolitics

In this weeks column I outline the utter failure the #TCJA has been from the perspective of combatting offshoring of profits and suggest a simple alternative.

“As the calendar flips over to 2024, the TCJA’s shortcomings are laid bare—but there’s a potential path forward in the form of a global minimum tax. It won’t get rid of offshoring, but it reimagines tax policy toward a recognition of a global, interlinked system of policies.”

#lawfedi @law

As GOP Aims to Punish Poor, CBO Says Extending Trump Tax Cuts for Rich Would Add $3.5 Trillion to Deficit
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"MAGA Republicans don't give a damn about the deficit, and today's estimate of the cost of kickbacks for their friends and donors is further proof," said...
https://alaska-native-news.com/as-gop-aims-to-punish-poor-cbo-says-extending-trump-tax-cuts-for-rich-would-add-3-5-trillion-to-deficit/67829/
#cbo #maga #republicans #budget #biden #tcja #deficit #tax breaks #wealthy