In the aftermath of the GOP tax bill, some analysts have predicted the US will experience a huge rebound in economic growth and job growth in 2018, despite some concerns about the impact on inflation.
The US has a big tax cut, but a lot of people who have been paying it for years are still paying more.
But for the first time, economists are starting to wonder whether the US economic recovery has a chance of being sustained through the year.
Here’s a look at how things look on that front.
The Tax Cut Will Help The US economy The Trump administration announced a $1.3 trillion tax cut on Wednesday, and analysts say it will help boost the economy.
“The bill will boost economic growth by about 2.5 percent,” said Robert Spitzer, chief economist at PNC Financial Services Group in New York.
He said the bill would be a “significant boost” to the economy, though the exact number hasn’t been released yet.
“We expect it to generate about 1.5 million new jobs,” he said.
The legislation also includes an expansion of the child tax credit, which boosts income for many low- and middle-income families, as well as tax credits for college tuition and childcare.
The tax cuts also help pay for Trump’s promised border wall.
It was unclear exactly how many of the benefits would go to the middle class, but analysts estimate that about a third of the cuts will go to those with incomes between $50,000 and $75,000.
The Budget Will Be More Expensive The budget for 2018 will be $1 trillion, which is slightly more than the $908 billion in 2018 enacted into law, according to the Congressional Budget Office.
But analysts said it is unlikely that the tax cuts will offset the $800 billion in projected economic losses from the 2018 tax cuts.
That could be especially important for households in high-tax states like California, New York and New Jersey, where the average income is about $115,000 per year, according a CNN analysis of Census Bureau data.
And some experts believe the spending cuts will add to the budget deficit, though that could be offset by economic growth.
Tax Reform Is A Top Priority Trump has proposed a broad tax reform package, but has not outlined specific proposals.
And he has said that a plan will be unveiled in the next few weeks.
But he has not yet laid out specific details on how he would address tax cuts and how they will be paid for.
“I am very confident that we will be able to get something done in the coming weeks and months,” Trump said in a White House interview with Fox Business on Friday.
He added that the president is “absolutely committed” to passing a comprehensive tax reform bill in the 2018 legislative session.
“And I am very proud of the fact that we are going to be able, not just for the people of the United States, but for everybody,” Trump added.