Tax cuts significantly benefited wealthy households during Trump's first term, reducing their rates and increasing the country's debt, with a push for extension imminent.
The Tax Cuts and Jobs Act led to a lower tax rate for high earners, granting the top 1% an average savings of over $60,000, while the bottom 60% saw minimal benefits.
Extending tax cuts is seen as a critical element of Trump's agenda, with bipartisan support expected, especially as it primarily favors wealthier Americans.
While many households will welcome the extension of tax cuts, it will contribute to escalating national debt as seen during Trump's previous term in office.
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