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The Tax Cuts and Jobs Act: Extending Changes to Individual Taxes
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Individual tax cuts as outlined in the Tax Cuts and Jobs Act, are set to expire at the end of 2025. The newly released Penn Wharton Budget Model (PWBM) analyses what would happen if they are extended to 2040, projecting over $5 trillion increases in government debt and reductions in GDP during the first 10 years and beyond. Host Dan Loney speaks with Kimberly Burham, Managing Director of Legislation and Special Projects at The PWBM, and Alan Auerbach, Director of the Burch Center for Tax Policy and Public Finance at the University of California Berkeley, to discuss the impact of the tax cuts and the potential impact on the national debt on Knowledge@Wharton.
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