A new report issued by the Council of Economic Advisors states that extending Trump's tax cuts will ease the burden on Americans after years of persistent inflation under Biden.

Real wages are expected to rise by up to $3,300 annually.

Net income for middle-income households is expected to increase by up to $5,000 annually.

Real GDP is expected to rise in the near term by between 3.3% and 3.8%, while real GDP is expected to rise in the long term by between 2.6% and 3.2%.

Saving 4.1 million jobs from destruction.

Affected communities will receive investments of up to $100 billion.