FISCAL FITNESS

Portions of Trump’s 2017 tax cut have already sunset, others will expire in 2025. Extending the unexpired sections will cost $5 trillion through 2034 but will have no impact on GDP or inflation as they will simply extend existing policies. However, lowering corporate taxes, exempting tips, Social Security, and overtime from taxation, and making car loan interest and S.A.L.T deductible will boost GDP but raise the deficit by $4 trillion.