This US survey examines (a) All else equal, making permanent the 2017 tax cuts that were set to expire at the end of 2025 would substantially increase federal deficits and the federal debt over the coming decade; (b) All else equal, making permanent the 2017 tax cuts that were set to expire at the end of 2025 would measurably increase the rate of US economic growth over the coming decade, (c) In the US, given Congressional budget scoring rules, temporary tax cuts generate sufficient pressure for extension as to be effectively permanent
Keyword: fiscal deficit
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This US survey examines (a) US GDP is substantially higher now as a result of the passage of the TCJA than it would have been had the TCJA not been passed, and all else was equal; (b) Corporate capital stock is substantially higher now as a result of the passage of the TCJA than it would have been had the TCJA not been passed, and all else was equal; (c) Real median wages are substantially higher now as a result of the passage of the TCJA than they would have been had the TCJA not been passed, and all else was equal; (d) Federal tax revenues are substantially lower now as a result of the passage of the TCJA than they would have been had the TCJA not been passed, and all else was equal; (e) Charitable donations are substantially lower now as a result of the passage of the TCJA than they would have been had the TCJA not been passed, and all else was equal.
This US survey examines (a) When economic policy-makers are unable to commit credibly in advance to a specific decision rule, they will often follow a poor policy trajectory; (b) Rules-based fiscal policies deliver substantially better outcomes than purely discretionary, on the spot, policy choices.
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