Can Either Party Navigate the Upcoming Fiscal Cliff?

Other News, Politics
Reading Time: 2 minutes

INTERVIEW ON THE PRICE OF BUSINESS SHOW, MEDIA PARTNER OF THIS SITE.

Recently Kevin Price, Host of the nationally syndicated Price of Business Show, interviewed Alex Brill.

Price and Brill discuss another fast approaching fiscal cliff. The outlook is not at all promising.
“On December 22, 2017, President Donald Trump signed into law the Tax Cuts and Jobs Act (TCJA). The TCJA made important progress toward improving the U.S. tax code, but much of that bill is scheduled to expire at the end of 2025. This means that taxes are set to rise. A lot.

“Enacted with only Republican support, the TCJA made dramatic changes to the U.S. tax code. It reduced the corporate tax rate from 35 percent to 21 percent and enacted a long-overdue international tax reform. Reforms to individual income tax policy included reducing most ordinary income tax rates, doubling the child tax credit, and nearly doubling the standard deduction.

“The TCJA also included a number of reforms to broaden the tax base, including eliminating the personal and dependent exemptions, establishing tighter limits on the mortgage interest deduction, and putting a $10,000 cap on the state and local tax (SALT) deduction.”

According to the American Enterprise Institute, “Alex Brill is a resident fellow at the American Enterprise Institute (AEI), where he studies the impact of tax policy on the US economy as well as the fiscal, economic, and political consequences of tax, budget, health care, retirement security, and trade policies. He is the editor of Carbon Tax Policy: A Conservative Dialogue on Pro-Growth Opportunities. Before joining AEI, Brill served as the policy director and chief economist of the House Ways and Means Committee. Previously, he served on the staff of the White House Council of Economic Advisers. He has served on the staff of the President’s Fiscal Commission (Simpson-Bowles) and the Republican Platform Committee (2008). He is also the founder and CEO of the economic consulting firm Matrix Global Advisors (MGA). Brill has an MA in mathematical finance from Boston University and a BA in economics from Tufts University.”

 

Check out more national news stories here. 

LISTEN TO THE INTERVIEW IN ITS ENTIRETY HERE

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