GOP Tax Scam Extension Costs Arizona Taxpayers More and More

If Extended, U.S. to Lose $4T in Revenue in Next 10 Years

TUCSON — Recent projections from the Congressional Budget Office raise the alarm that extending the GOP Tax Scam that passed Congress in 2017 with the support of Congressman David Schweikert would cost 50% more than originally estimated.

Many of the tax handouts created by the law are set to expire in 2025 without Congressional action to extend them. If extended, the GOP Tax Scam will deliver a $4 trillion blow to U.S. tax revenue, due to the massive tax breaks doled out disproportionately to the wealthy and big businesses. A study found that “the richest 20 percent would receive 63 percent of the tax cuts in 2026 and the richest 5 percent alone would receive nearly 40 percent of the tax cuts,” while the poorest fifth of Americans would receive just 1 percent.

According to the Committee for a Responsible Federal Budget:

"The CBO and JCT have produced estimates on the net cost of extending most of these tax cuts at least five times – in 2018, 2019, 2022, 2023, and 2024. Each time, the nominal cost has risen.

"Since each estimate covers different budget windows and a slightly different set of policies, it is helpful to focus on the large policy extensions that all estimates have in common and look to a common year – our analysis focuses on fiscal year (FY) 2028.1 In 2018, CBO estimated extensions of these policies would cost $286 billion in FY 2028; that estimate increased to $311 billion in CBO’s 2019 estimates, $340 billion in 2022, $366 billion in 2023, and $416 billion in 2024.

"In other words, the annual cost of extension increased by 46 percent, or $131 billion, between 2018 and 2024. The gap is a bit higher (52 percent) through FY 2027, and – based on this and other available data – is likely to be similar or perhaps a bit lower beyond 2028."

“Congressmen Schweikert and Ciscomani have the opportunity to protect Arizona families by opposing the extension of the GOP Tax Scam that has already cost the U.S. trillions,” said Andrea Moreno, Executive Director of Honest Arizona. “Schweikert and Ciscomani must prioritize the interests of Arizona families over corporations and the wealthy and vote against tax plans that further tilt the playing field and make it harder for working families to get ahead.”

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