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<h1>Extending 2017 Tax Cuts Benefits Top 0.1%, Costs $4.2 Trillion; Debate Over Federal Debt Intensifies.</h1> The US Treasury's analysis reveals that making the expiring tax cuts from the 2017 Tax Cuts and Jobs Act permanent would primarily benefit the wealthiest individuals, with the top 0.1% of earners receiving significant tax reductions. The full extension could cost the government $4.2 trillion from 2026 to 2035. If limited to families earning $400,000 or less, the cost would drop to $1.8 trillion. Congressional negotiations face challenges in balancing these extensions with federal debt concerns. Republicans aim to extend all provisions, reduce federal spending, and roll back Biden's energy tax credits, while Trump proposes tax exemptions for certain incomes.