Trump tax cuts may fail to drive economic gains

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WASHINGTON: President-elect Donald Trump says renewing tax cuts would turbo-charge investment and boost US economic growth – a pledge that helped propel him to election victory in November.

In the CBO’s analysis, that would help make up for a modest reduction in the labour force from the expiration of the tax cuts.“On net, those two effects largely offset each other, resulting in very small changes to GDP,” the CBO said.

Still, the outlook from both the CRFB and CBO adds to doubts about the ultimate economic gains, and underscores the pressure lawmakers will be under to find savings to fund the tax cuts.

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Category: EconomyBusiness

Markets: MalaysiaGuineaUnited States

Topics: Donald Trump GDP /Business/Business News Tax

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-16 @ 00:00:00 (11 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 959 words

Reading Time: 6 minutes read

Sentences: 30 lines

Sentence Length: 32 words per sentence (average)

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Copyright Owner: © The Star

News ID: 24422329

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