Tax Extenders Resources
Dozens of supposedly temporary tax breaks are routinely renewed by Congress. Collectively, they are known as "tax extenders." Lawmakers once again extended many of these tax breaks, in the process making some permanent and expanding a few others. The cost was not offset, meaning it added significantly to the national debt.
The tax extenders package will cost close to $700 billion over a decade in lost revenue. Most of these tax breaks will benefit businesses. Yet, the package is more than tax cuts. Over one-third of the package involves increased spending as well.
It is also worth noting that the funds could be used to pay for a number of policies that are priorities for many.
Including interest, the tax extenders deal added $830 billion to the national debt over the next decade. About $2 trillion will be added to the debt by 2035.
When added to the debt increases already enacted this year, the total added to the debt is over $1 trillion over the next ten years alone.