Megabills didn’t break the economy before and won’t now

Opinions of the One Big Beautiful Bill tend toward the extreme. One of its main authors calls it “the greatest piece of Republican legislation in a generation,” while one of its most authoritative critics says it makes him ashamed to be an American. So allow me to offer what counts as a radical view: The bill is neither as terrible as its opponents say nor as impressive as its supporters claim. The reason markets are not responding more to the 870-page bill is that they see it for what it is — just another in a very long line of very big bills that add to the debt but won’t break the economy, at least not soon. Such bills always contain some good stuff and some bad stuff. Some of the better provisions of this bill make permanent the beneficial aspects of Tax Cut and Jobs Act of 2017. The increased standard deduction, for example, makes the tax code less distortionary. Allowing full expensing for corporate research and investment will increase growth. The bill also keeps the lower rates from the 2017 law, which accounts for a lot of its multitrillion-dollar cost. That’s somethiWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times