As lawmakers gear up for tax negotiations, the Congressional Budget Office (CBO) released its assessment of how extending expiring individual tax provisions could impact the economy. While some praised the analysis — which looked at the macroeconomic effects of the provisions — others critiqued the scope.
Using dynamic scoring, CBO found that if the individual provisions in the 2017 Tax Cuts and Jobs Act (TCJA, P.L. 115-97) are allowed to expire, total deficits would be $3.7 trillion smaller over the next 10 years.
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