Those tax cuts are mostly for the Rich and Big Business and would make the ecoinomny actually ‘worst’economnists agree..
If Joe Biden or a Democrat wins the 2024 Presidential election?
If Democrats hold on to the US Senate thru this midterm and the 2024 election?
These are the same Americans that polling says AMerican trust more to ‘fix’ the economy?
House Republicans on the chief tax-writing Ways and Means Committee are seeking to make the tax cuts and adjustments enacted in the 2017 overhaul of the tax system permanent, a move economists say would stimulate the economy at the same time the Federal Reserve is trying to rein in demand against 40-year-high inflation.
Ways and Means Republicans touted a proposal on Wednesday that would extend tax provisions in the Trump administration’s Tax Cuts and Jobs Act. It would renew a 20 percent deduction for businesses, maintain a higher standard deduction and extend lowered tax rates for households….
But economists say that cutting taxes and increasing the deficit at a time when persistent inflation needs to be tamed will only add fuel to the fire of price increases. Altogether, the tax cuts in the 2017 law added $1.9 trillion in government debt through 2028.
“The method of financing is what matters. If it’s deficit financed, that’s going to have the highest risk of those tax changes playing into inflation at least in the short run. If it’s financed through other means, you’re not necessarily going to see that trade off,” Garrett Watson, an analyst with the Tax Foundation, said in an interview with The Hill….