The Tax Cuts and Jobs Act of 2017 (the “TCJA”) was touted as just what the country needed to modernize its tax system. Supporters stated that wages would rise; the economy would grow at no less than 3% annually; business profits previously maintained offshore would return to the United States and stimulate increased business investment; United States businesses would become more competitive internationally and, best of all, the tax cut legislation would pay for itself.
This session will examine the process by which the TCJA was enacted. A current evaluation of the economic and legal consequences of the Act will be presented. Recognizing that the country faces staggering budget deficits for the foreseeable future, the session will also explore the reasons for the federal budget deficit, its possible consequences and reasonable ways to approach the problem—including tax increases and spending reforms. The potential consequences of the most popular solutions that have been proposed by the Presidential candidates and the Trump Administration will be examined.