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All income groups pay taxes, but overall the U.S. tax system is progressive.
"Tax Cuts 2.0 is a fitting name, because this bill would add more than $2.0 trillion to our national debt over 10 years once it kicks in," Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation, said.
“Another round of tax cuts financed with borrowed money is doubling down on fiscal irresponsibility," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
Capital gains are taxed at a lower marginal rate than ordinary income, but the value of that sale is not currently adjusted for inflation.
Last year’s tax legislation was a key opportunity to simplify the tax code, but in addition to adding significantly to our national debt, the Tax Cuts and Jobs Act actually increased the number of tax breaks.
The general consensus among economists is that the long-term effects of the TCJA will be higher debt and little change to underlying economic growth.
“Lawmakers should absolutely take a second look at tax policy, not to extend the irresponsibility, but to implement reforms that actually improve our fiscal situation," said Michael A. Peterson, Chairman and CEO of the Peter G. Peterson Foundation.
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.
The Tax Cuts and Jobs Act will lower revenues significantly and made changes to both tax rates and bracket widths.