Yellen Says Extending Trump Tax Cuts Would Worsen Deficit

Treasury Secretary Janet Yellen said extending all the 2017 tax cuts won by former President Donald Trump would lead to “serious concerns” over the federal budget deficit.

If he returns to office, Trump intends to make the individual cuts from the Tax Cuts and Jobs Act permanent and to keep corporate tax levels unchanged, according to people familiar with the matter.

To extend “all of the things in TCJA set to expire without finding new revenue sources to cover everything that’s left in would be a serious concern given the projections for the deficit,” Yellen told reporters Monday following a ...