Opinion: Trump's tax cuts may not boost U.S. economic growth
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The news from Mars Finance reports that the non-partisan fiscal oversight organization "Committee for a Responsible Federal Budget" (CRFB) has warned in its latest analysis that extending the tax cuts that are set to expire next year will provide almost no help to economic growth.
The CRFB's findings are based on an assessment by the Congressional Budget Office (CBO), which found that allowing the tax cuts to expire would significantly increase public fiscal revenue, reducing the cumulative fiscal deficit by $3.7 trillion over ten years. This potential revenue growth would mean less public borrowing, thereby stimulating private investment.
In the CBO's analysis, this would help offset the reduction in the labor force caused by the expiration of the tax cut policies. The CBO stated: "On net, these two effects largely offset each other, resulting in very little change in gross domestic product (GDP)."
This means that, in CRFB's view, extending the tax cut policies would also have a similar, moderate net impact on economic growth. (Jin Shi)
