President Trump’s tax cuts have been a hot topic in Congress lately. Senator Crapo, a Republican from Idaho, believes that extending these tax cuts should not be a cause for concern when it comes to the deficit. He argues that these tax cuts are simply an extension of the current policy baseline and should not be seen as adding to the cost. In fact, he points out that historically, Congress has never offset the cost of extending current tax laws.
Looking back at the extension of the George W. Bush tax cuts in 2013, it is clear that extending current tax policy has always been the norm. This is important to consider when looking at estimates of lost revenue from the Congressional Budget Office or the Joint Committee on Taxation.
On the other hand, Vice President Harris is preparing to unveil a new economic plan that includes $4 trillion in tax hikes. The Tax Foundation has estimated that this could lead to a loss of nearly 800,000 jobs. In contrast, Trump’s tax cut plan is expected to increase American jobs by over a million, which is great news for the economy.
Ultimately, the goal is to boost jobs, increase wages, and improve the overall economy. Senator Crapo’s interpretation of legislative history could play a crucial role in shaping the future of tax policy in Congress. It is essential to consider the impact of these tax cuts on the economy and job market, and to make informed decisions that will benefit the country as a whole.