Seven years ago, Republicans believed their tax overhaul would boost investment and wages. However, the pandemic and inflation muddied the data available to analyze its effectiveness.
After the tax cuts passed in 2017, economic analysis has been complicated by the pandemic, resulting in a reliance on limited data from just 2018 and 2019.
Economists admit the data gathered since 2020 is essentially useless for understanding the long-term impacts of the tax cuts due to unprecedented global economic disruptions.
Auerbach emphasizes that assessing the law's longer-run effects is challenging, citing the pandemic's influence as a significant confounding factor in economic analysis.
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