Politics & Finances

GOP Ramps Up Effort to Extend Trump Tax Cuts After Midterms

GOP Ramps Up Effort to Extend Trump Tax Cuts After Midterms

With the 2022 midterm elections just around the corner on November 8, Republican lawmakers are ramping up efforts to extend key Trump-era tax cuts into 2023.

Specifically, according to a report by The Washington Post, Republicans are preparing to advance legislation would permanently change President Trump's 2017 changes to individual tax rates in the United States. 

Furthermore, some lawmakers also want to push for the eradication of some specific tax hikes for corporations that were intended to offset the the cost of the overall corporate tax rate decrease. 

Recently, Senator Ron Johnson (R-WI) came under fire when it emerged that his adult children had written off the full purchase price of a luxury private jet thanks, in part, to the 2017 tax code changes. 

Johnson, who is up for re-election this year, has already faced criticism from Wisconsin Democrats for voting in favor of the Trump tax plan five years ago.

The incumbent Senator pushed to have several provisions included in the bill, including a small business tax break and "pass through" tax breaks," that personally benefitted Johnson and his major donors. 

Per the Post's recent article, economists have concerns about GOP legislators' plans to expand the tax cuts. Experts believe that extending these tax cuts could have a negative impact on already skyrocketing inflation, while further increasing the national deficit.

Under President Joe Biden's administration, the United States' debt recently surpassed $31 trillion for the first time in history. 

Currently, Republicans are expected to take control of the House of Representatives in November. Democrats are currently slightly favored to retain control of the Senate.

What do you think about GOP lawmakers hoping to extend key 2017 tax cuts?

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Rebekah Barton

Rebekah Barton

Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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