General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump Tax Cuts May Fail to Drive Much, If Any, Economic Gain
(Bloomberg) -- President-elect Donald Trump says renewing tax cuts would turbo-charge investment and boost US economic growth a pledge that helped propel him to election victory in November.
But new analysis from the Committee for a Responsible Federal Budget (CRFB), a nonpartisan fiscal watchdog group, warns that extending tax cuts set to expire next year could do almost nothing to grow the economy. Thats a jarring data point for Republicans framing the case to renew the costly legislation as a way to boost an economy that many voters say isnt serving them.
Most of the measures up for renewal largely benefit individuals and households, including lower income tax rates and an expanded child tax credit. While those are an easy sell to voters, economists caution on the scale of economic dividend they generate. The bigger spur for investment, they say, would be cuts for corporations.
The business tax breaks in the 2017 law Trump signed in his first term arent up for renewal. While he vowed to donors and business leaders gathered at the New York Stock Exchange on Thursday that hed lower the corporate rate to 15%, that pledge is seen as a potentially perilous move with both voters and some Republicans disdainful of more aid for big business.
https://www.yahoo.com/news/trump-tax-cuts-may-fail-100000536.html
Most of the businesses used it for stock buy backs.

Klarkashton
(2,818 posts)Nothing. Apparently the corporate ones aren't going away in 2025.
Think. Again.
(21,324 posts)...I guess it doesn't matter at all.
Happy next 4 years!
Irish_Dem
(63,237 posts)The regular person is not part of the equation.
ProfessorGAC
(71,435 posts)When have tax cuts actually stimulated the economy unless they were coupled by massive federal spending? (Cold War, Vietnam, Star Wars, Geoff War 2...)
There is better correlation between growth in those eras to the huge government outlets, than to the cuts. They just typically happened concurrently.
This "might" nonsense us the problem.
Extending the cuts won't do anything but accelerate debt. Just like they did between 2017 & 2021.
Tax cuts for the rich are basically guaranteed to hurt economic growth rather than help it.