Trump's tax cuts

Here’s a dirty little secret about Trump’s tax cuts

This past week, more than 70 Republican lawmakers introduced a bill to make permanent the 2017 GOP-passed tax cuts, large chunks of which are scheduled to expire in 2025. The new bill’s lead sponsor, Rep. Vern Buchanan (Fla.), credited the original tax cuts for “historic economic growth” and promised more “prosperity” ahead if they’re extended.

The White House, among others, has repeatedly attacked the proposed Trump tax-cut extension. With pretty good reason: At precisely the same time that Republicans are raising a hue-and-cry about federal deficits, they’re proposing a measure that would massively worsen our fiscal challenges.

"Extending President Donald Trump’s individual tax cuts in full would add around $3 trillion to federal deficits over a decade, according to various estimates. As President Biden and others have pointed out, this is of a piece with other GOP-endorsed proposals that would widen deficits, such as repealing funding for the Internal Revenue Service and undoing Democrats’ prescription-drug pricing overhaul." 

It's fascinating how many people believe that a new president taking office somehow magically means dramatically different tax revenue or federal spending differences.

"Congress controls the purse," as they say. The budget deficits via tax revenue collection parameters are set by the tax bill passed in 2017, and until NEW legislation, passed by a congress, and sent to the president to be signed into law, that changes those parameters, the same old system remains in place for years and years, without change when a new executive branch head (The President) is elected.