CBO: Extending Trump Tax Cuts Will Cost Nearly $5 Trillion

May 8, 2024

New estimates from the Congressional Budget Office (CBO) put a price tag of nearly $5 trillion on extending all the Trump-GOP tax law, which is mostly scheduled to expire at the end of 2025. That is more than double what the law originally cost when it was enacted in 2017. The Trump-GOP tax law was an expensive failure that did little to boost workers wages, create jobs, or increase economic growth. Instead, it mostly funneled sorely needed revenue to the ultra-wealthy and foreign investors, while exacerbating wealth inequality.

Doubling down on these reckless Trump tax policies would be a grave mistake. Congress should allow provisions benefiting corporations and individuals with annual income over $400,000 to expire, raise taxes on the rich and corporations and use the revenue saved to invest in working families.

Sources: CBO (for most provisions), *JCT( R&E provision), **CRFB (Interest provision)