One of the most important issues for Congress next year is tax reform. The main changes in Donald Trump’s 2017 Tax Cuts and Jobs Act were legislated to expire at the end of 2025. If the law is extended, as Trump and many Republicans would like, federal revenue will be reduced by $4 trillion or more over the next decade. Budget deficits would surge and the outlook for public debt would shift from bad to dire.
This is not the only threat to fiscal prudence. During his campaign, Trump promised a variety of further tax cuts, such as lowering the ...
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