Benefits from what President Trump called 'the biggest reform of all time' to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John Harwood.
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment.
President Donald Trump promotes a newly unveiled Republican tax plan as he meets with House Republican leaders and Republican members of the House Ways and Means Committee in the Cabinet Room of the White House in Washington, November 2, 2017.If ever the U.S.
Those levels assure the failure of another tax cut promise. Trump and congressional Republicans insisted the law would spur so much economic activity that surging new revenues would replace those lost through lower tax rates.reached during the Wall Street crisis and Great Recession a decade ago. A Congressional Research Service analysis concluded that the law has produced no more than 5% of the growth needed to offset tax cut losses.
Today, "the economic benefits of the Tax Cuts and Jobs Act seem to have petered out," Tax Policy Center analysts wrote early this month. "The economy's strength now seems to lie almost entirely with consumer spending."
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