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Tag: congressional tax authority
Trillions in Transition: Analyzing Public Impact and Legal Contours of Trump’s $3.7 Trillion Tax Cut Plan
$3.7 Trillion Tax Cut Plan: In a move poised to reshape American fiscal policy, former President Donald J. Trump’s allies in Congress have introduced a sweeping tax plan that would extend and deepen tax cuts initially passed in the 2017 Tax Cuts and Jobs Act (TCJA). According to the Congressional Budget Office (CBO), the proposed legislation would reduce federal tax revenues by an estimated $3.7 trillion over the next decade, increasing the federal deficit by $2.4 trillion. This revelation has reignited a complex policy debate encompassing economic philosophy, public finance, intergenerational equity, and legal authority.