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.
"This report confirms that tax cuts don’t pay for themselves," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
The paper puts real numbers behind different scenarios for a structure for tax reform: eliminating income tax expenditures to enable lower tax rates.
"This tax legislation is increasingly irresponsible from a fiscal standpoint," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
“In order to truly help our economy, infrastructure investments must be paid for, because adding more debt hurts our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
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
Independent analyses agree unanimously that either bill would add significantly to the growing national debt.
https://www.pgpf.org/blog/2017/12/poll-voters-say-that-tax-reform-shouldn%E2%80%99t-grow-the-debt
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.
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
Why Reform Our Corporate Tax Code?
https://www.pgpf.org/budget-basics/why-reform-our-corporate-tax-code