Republican Tax Plan: Middle-Class Tax Hikes to Fund Rich’s Tax Cuts
A Republican plan to extend the 2017 Tax Cuts and Jobs Act (TCJA) before its 2025 expiration faces a steep price tag, potentially exceeding $4.6 trillion over ten years. Funding mechanisms include eliminating popular deductions like the mortgage interest deduction and student loan interest deduction, as well as imposing a 10% import tariff. This plan could disproportionately benefit wealthier Americans while burdening lower-income households through higher consumer costs and reduced social safety net programs. Proposed new tax cuts, such as eliminating taxes on overtime and tips, would further inflate the overall cost.
John Q. Hosedrinker