Debate: Should Republicans Fast-Track Renewal of the 2017 Tax Cuts?

Bloink: The 2017 tax cuts have ended up costing the American people much more than expected. Congress is now pushing to extend them even further as the deficit increases and inflation continues to burden ordinary Americans. At this point, blanket extensions simply aren’t appropriate or helpful. We need to take the time to carefully consider the impact of the tax cuts and scale them back to a level where they’re actually benefiting the lower- and middle-income Americans who need help the most right now.

Byrnes: When Congress waits until the 11th hour to take action and extend tax provisions, taxpayers are left in the lurch when it comes to planning. That harms the economy as a whole, and everyone suffers as a result. We should proactively be considering taking action to put these extensions into place as soon as possible.

Bloink: The GOP seems unable to accept the fact that these 2017 tax cuts must be modified so that ordinary Americans aren’t left shouldering the burden of tax cuts that primarily benefit the wealthy and the largest corporations. Instead, we should be looking for ways to increase revenue by forcing the wealthiest Americans to pay their fair share and using that revenue to help the middle class.

Byrnes: The corporate tax rate cut had a dramatically positive impact on the economy as a whole. When businesses are succeeding, that benefits ordinary Americans across the board. We can’t ignore the trickle-down impact that lower corporate tax rates have on our nation’s economy. Further, we shouldn’t use the expiring individual tax breaks as a weapon to force yet another change to the corporate tax system. Individual Americans deserve certainty, and they deserve to know that their beneficial tax rates will remain in place.

Bloink: If we’re going to extend the current low tax rates for the highest earners, we also have to focus on increasing the tax rate for corporations so that the wealthy pay their fair share. The massive tax breaks given to corporations have not benefited the economy as the GOP originally claimed they would. Instead, ordinary Americans are left struggling under the weight of inflation while the biggest corporations are given a free pass. That’s not fair, and we should be working toward a more equitable system rather than blindly extending the existing system.

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