Over 100 groups want Congress to use the chance when $4.6 trillion in tax cuts expire next year to change the tax system, especially corporate taxes, to make it fairer and better for the economy.
Progressive Groups Call for Overhaul of U.S. Tax System as $4.6 Trillion in Cuts Near Expiration
According to the published article of Huff Post, over 100 progressive and economic groups are calling on Congress to use the upcoming expiration of $4.6 trillion in tax cuts as a chance to revamp the U.S. tax system. In a letter to lawmakers, these groups including the AFL-CIO, the Center for American Progress, and the NAACP, stressed the need for big changes rather than small fixes. They want reforms, especially to corporate taxes to reverse years of tax cuts that have benefited the rich and corporations hurting fairness and reducing money needed for public investments.
The tax cuts from 2017, made under President Donald Trump are set to expire soon. These cuts included big reductions in corporate taxes and breaks for individual households. A report from the Congressional Budget Office says that extending these cuts would cost $3.3 trillion in revenue over ten years with other provisions bringing the total cost to $4.6 trillion. The groups argue that wealthier people and corporations should pay more taxes and overall tax revenue should increase to make the tax system fairer and more sustainable.
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$4.6 Trillion Tax Cut Expiration: Over 100 Progressive Groups Urge Congress to Overhaul US Tax System – Boosting Revenue! (PHOTO: Investopedia)
Former White House Official Warns Against Continuous Tax Cuts Impacting Public Services; Groups Push for Higher Revenue Amid Expiring Cuts
Furthermore, Michael Linden a former White House official, said that continuous tax cuts have hurt the country’s finances and reduced investment in important public services like Social Security and Medicare. While there is no agreement among the groups on whether new tax revenues should fund new initiatives or reduce the deficit, they agree that tax revenues should be higher than just letting the 2017 cuts expire. This push for higher revenue comes as some see the expiration as a chance to reduce the budget deficit and support vital public programs.
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