Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Yo_Mama_Been_Loggin

(118,311 posts)
Fri Dec 13, 2024, 07:56 PM Dec 13

Trump 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. That’s 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 isn’t 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 aren’t up for renewal. While he vowed to donors and business leaders gathered at the New York Stock Exchange on Thursday that he’d 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.

5 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Trump Tax Cuts May Fail to Drive Much, If Any, Economic Gain (Original Post) Yo_Mama_Been_Loggin Dec 13 OP
The tax cuts for the average person amounted to Klarkashton Dec 13 #1
Yeah, well, since improving the economy isn't the goal of the cuts (it's only to get rich people more money)... Think. Again. Dec 13 #2
Duh. The goal of the tax cuts is economic gain for the wealthy. Irish_Dem Dec 13 #3
"Might"? ProfessorGAC Dec 13 #4
Right Wiz Imp Dec 13 #5

Think. Again.

(21,324 posts)
2. Yeah, well, since improving the economy isn't the goal of the cuts (it's only to get rich people more money)...
Fri Dec 13, 2024, 08:02 PM
Dec 13

...I guess it doesn't matter at all.

Happy next 4 years!

ProfessorGAC

(71,435 posts)
4. "Might"?
Fri Dec 13, 2024, 08:09 PM
Dec 13

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.

Latest Discussions»General Discussion»Trump Tax Cuts May Fail t...