Trump’s Tax Cuts Failed to Deliver
Whatever the benefits, they’re too slight to be meaningful.
They’re good for just one thing.
Photographer: Andrew Harrer/BloombergTime is quickly running out for those who want to know how President Donald Trump’s tax cuts affected the economy. The Tax Cuts and Jobs Act was passed in late 2017. But by the end of 2018, Trump’s trade war with China was already in full swing. The impact of the trade war -- and other surprises yet to come -- will almost certainly drown out the effect of the tax cuts. So economists are racing to issue a verdict on their effects, based on about one year of data.
One study that has gotten a good deal of attention is the Congressional Research Service’s new document, “The Economic Effects of the 2017 Tax Revision: Preliminary Observations.” The report mainly compares economic performance and tax revenue before and after the tax cut, and contrasts these changes to initial expectations.
