Tax Cuts Are the Accomplice in US’s Fiscal Mess: Ernie Tedeschi

Now almost $30 trillion, America’s debt trajectory going forward is unsustainable. The US will require roughly $10 trillion in deficit reduction over the next decade just to keep debt growing at the same pace as the economy.

Which is why this year is shaping up to be a watershed moment in long-term fiscal policy. Congress is crafting legislation to extend the Tax Cuts and Jobs Act of 2017 — which would cost $2.5 trillion over five years — plus an assortment of other potential goodies such as lifting the $10,000 cap on the state and local income tax deduction (roughly ...