Groundwork’s Lindsay Owens on CBO’s TCJA Extension Report: “This tax law should expire”

Groundwork’s Lindsay Owens on CBO’s TCJA Extension Report: “This tax law should expire”

In response to today’s report from the Congressional Budget Office that shows extending the Trump tax cuts would add $4.6 trillion to the deficit, Groundwork Collaborative’s Executive Director Lindsay Owens reacted with the following statement:

“Extending Trump’s tax law and effectively subsidizing corporate profiteering and billionaire wealth is a nonstarter. This tax law, on top of decades of failed trickle-down cuts, has come at the expense of workers and families.

“We can’t afford 10 more years of giveaways to the wealthy and corporations and fail to invest in the people who drive our economy. This tax law should expire.”

Email press@groundworkcollaborative.org to speak with Lindsay Owens about the upcoming 2025 tax fight. 

Background

• According to an analysis by the Institute on Taxation and Economic Policy, extending the Trump tax cuts would create a $112.6 billion windfall for the top 5 percent of income earners in the first year.
• The Congressional Budget Office previously estimated that the Trump tax law would add $3.5 trillion to the deficit.
• The Trump tax cuts primarily benefited the highest-income Americans. In 2025, the lowest quintile of earners will see a 0.4% increase in after-tax income while the top 5 percent will see a 3.2 to 2.9% increase.
• These cuts symbolize incredible missed opportunities to invest in our economy. The initial cost of the Trump tax law is higher than what the expanded Child Tax Credit would cost over 10 years. It’s five times more than how much it would cost to implement universal child care and pre-K. And it’s eight times the cost of a universal paid leave program.