Tax Notes Talk
Growing Deficit and the Future of U.S. Fiscal Policy
Apr 12, 2024
Tax Analysts' chief economist Martin Sullivan discusses the impact of the Tax Cuts and Jobs Act, the Congressional Budget Office's projections on tax policy, and the challenges of U.S. fiscal policy. Topics include regressive effects of tax cuts, strategies to address the deficit, and upcoming tax analysis in Tax Notes magazines.
25:18
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Quick takeaways
- Growing deficit projected to reach 6% of GDP, leading to an additional $2 trillion in debt annually.
- Tax Cuts and Jobs Act saw minimal economic growth, with benefits favoring high-income individuals and shareholders.
Deep dives
Current Deficit and Debt Projection
The latest projections from the Congressional Budget Office reveal a concerning outlook on the fiscal front. The current deficit, at 5% of GDP, is expected to escalate to 6% of GDP, equating to an additional $2 trillion in debt annually. The debt to GDP ratio, projected to soar from 100% to 116% over the next decade, paints a grim picture of the nation's financial health.
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