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US economy to lose nearly 6 million American jobs, $1.1T in GDP if Congress lets Trump tax cuts expire: study

The article from MSN discusses a study by the Center for a Responsible Federal Budget (CRFB) which warns that if the tax cuts implemented during the Trump administration are allowed to expire at the end of 2025, the U.S. economy could face significant setbacks. According to the study, the expiration of these tax provisions could lead to a loss of nearly 6 million American jobs and a reduction in GDP by approximately $1.1 trillion over the next decade. The tax cuts, part of the Tax Cuts and Jobs Act of 2017, included reductions in individual income tax rates, an increased standard deduction, and changes to estate and corporate taxes. The study suggests that without an extension or replacement of these tax policies, the economic growth could be stifled due to higher taxes reducing disposable income and business investment. However, the article also notes that extending these tax cuts would increase the federal deficit, presenting policymakers with a dilemma between economic growth and fiscal responsibility.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/markets/us-economy-to-lose-nearly-6-million-american-jobs-1-1t-in-gdp-if-congress-lets-trump-tax-cuts-expire-study/ar-BB1rpbPS ]