WASHINGTON (AP) — At the very top of Republicans’ 100-day agenda with President-elect Donald Trump in the White House and GOP lawmakers in a majority is the plan to renew some $4 trillion in expiring tax cuts.
On Friday, the U.S. Treasury released a new analysis of the various ways that extending the expiring individual and estate tax provisions of Trump’s 2017 tax overhaul — known as the Tax Cuts and Jobs Act — could cost the government, and who would directly benefit the most from the legislation’s permanent extension.
For instance, the Treasury’s Office of Tax Analysis estimates that the top 0.1% of earners would get a tax cut of $314,000 under a full extension of the individual and estate tax provisions, with the total cost of those tax cuts amounting to $4.2 trillion between 2026 and 2035.
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Article URL : https://apnews.com/article/tax-cuts-jobs-act-trump-treasury-agenda-f4031196e0d69d0a1630e3b06b6d3cd7