Republicans in Washington want to extend most expiring Tax Cuts and Jobs Act (TCJA) provisions affecting businesses, individuals and estates. The nonprofit Tax Foundation has weighed in on the cost. Its analysis (https://bit.ly/43nacKt ) found that if TCJA provisions are permanently extended, long-term economic output would increase by 1.1%. But, the analysis states, tax revenues would decrease by $4.5 trillion over a 10-year span and debt-to-GDP would increase significantly by 2060. The nonpartisan Committee for a Responsible Federal Budget generally concurs that “long-term economic benefits of permanency would likely be more than countered by the long-term economic costs of higher debt.”
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