The Two Reasons Long-Term Economic Growth Will Slow
While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.
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While the Tax Cuts and Jobs Act of 2017 will likely boost economic growth in the near term, the effects of the legislation are temporary.
Washington is debating tax reform. There’s talk of substantial tax cuts that would give trillions of dollars back to American taxpayers. That might sound great to some. But if Congress doesn’t find a way to pay for those tax cuts, future generations will be stuck with the bill.
The legislation is fiscally irresponsible and will add significantly to America's national debt.
https://www.pgpf.org/analysis/congress-passes-costly-and-unfunded-tax-legislation
"In just the next decade, this tax bill could add more than $2 trillion to our national debt, which is already $20 trillion and growing," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/12/peterson-statement-on-tax-bill-conference-committee
"This report confirms that tax cuts don’t pay for themselves," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
To help better inform the current debate over tax reform, the Tax Policy Center (with a grant from the Peterson Foundation) put real numbers behind different scenarios for tax reform that are both distributionally neutral and fiscally responsible.
Tax expenditures cost the government about $1.5 trillion each year, more than the budget of any agency or major spending program.
Major tax expenditures tend to benefit high income taxpayers more than lower income groups.
https://www.pgpf.org/blog/2016/04/who-benefits-from-tax-expenditures
The U.S. collects less revenue as a share of GDP than several other high-income countries such as Japan, Canada, the United Kingdom, and Germany.
https://www.pgpf.org/blog/2016/04/the-us-tax-burden-is-low-compared-to-most-advanced-economies
Viewed in aggregate, our tax system is generally progressive.
https://www.pgpf.org/blog/2016/04/what-kinds-of-taxes-do-americans-pay