The Congressional Budget Office found that ending the individual tax cuts from 2017 would have a negligible effect on the American economy over the next decade.
Ending the tax cuts would raise taxes on many Americans, which would slow economic growth due to reduced labor, yet generate more revenue and support economic health by decreasing national debt.
The effects of ending the tax cuts would essentially cancel each other out over a decade, leading to a slightly larger economy by 2034.
While higher taxes could weaken individual work incentives, they would also decrease reliance on borrowed money, potentially lowering interest rates and stimulating more business investment.
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