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Trump Tax Cuts Won't Help the Economy Grow, Budget Office Finds

^{Published on 2024-12-05 11:00:50 - The New York Times}
 

• A larger debt and higher interest rates would cancel out the boost from keeping individual taxes lower, the nonpartisan Congressional Budget Office found.

The article from The New York Times, published on December 4, 2024, discusses the economic implications of the tax cuts implemented during Donald Trump's presidency. It examines how these tax policies, which included significant reductions for both individuals and corporations, have influenced economic growth, income inequality, and federal deficits. The piece highlights debates among economists about whether these cuts have spurred investment and job creation as promised, or if they have primarily benefited the wealthy and contributed to rising national debt. It also touches on the political debate surrounding the potential extension or expiration of these tax cuts, with some arguing for their continuation to maintain economic momentum, while others call for their reversal to address fiscal imbalances and fund social programs. The article provides insights from various economic analyses and forecasts, illustrating the complex and often contentious legacy of Trump's tax policies.

Read the Full The New York Times Article at:
[ https://www.nytimes.com/2024/12/04/business/trump-tax-cuts-economy.html ]

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