Trump Tax Cut Renewal Is Winning Wall Street, But Could Cost $4.6 Trillion
- Many Republicans reject CBO estimate of $4.6 trillion cost
- Federal debt and interest rates have soared since 2017 tax law
Photographer: Mike Theiler/UPI/Bloomberg
This article is for subscribers only.
The prospect of a fresh round of tax cuts next year is helping Donald Trump woo Wall Street donors but threatens to add trillions of dollars to the national debt.
The estimated $4.6 trillion cost of extending expiring portions of Trump’s 2017 tax cuts isn’t dampening Republican enthusiasm for renewal next year. Many simply reject cost projections, asserting that tax cuts pay for themselves through economic gains.