East Idaho Times

U.S. Senator Mike Crapo of Idaho, who chairs the Senate Finance Committee, commented on a new analysis by the Council of Economic Advisors (CEA) regarding the potential economic effects of making Trump's Tax Cuts permanent. The analysis forecasts an annual growth rate of at least 3 percent over the next decade, leading to an additional revenue of over $4 trillion during that timeframe.

Senator Crapo emphasized the importance of maintaining "certainty and stability in our tax code" for fostering economic growth. He noted, "This analysis correctly recognizes the full economic impact of permanently extending the Tax Cuts and Jobs Act (TCJA), implementing commonsense regulatory reform and reducing wasteful government spending. President Trump’s pro-growth agenda will raise trillions of dollars in revenue, increasing prosperity and opportunity across all segments of the economy."

The analysis highlights several projections including an annual real GDP growth rate of 3 percent, a $4.1 trillion increase in additional revenue if the TCJA provisions remain in effect, and a boost in real GDP by 3.3 to 3.8 percent in the short term. Other highlights include long-term GDP growth of 2.6 to 3.2 percent, a real wage increase per worker between $2,100 to $3,300, and a $4,000 to $5,000 rise in median household take-home pay.

Additionally, the analysis predicts the preservation of four million full-time equivalent jobs and a $100 billion investment in distressed communities.

Senator Crapo also pointed to the forthcoming FY 2025 Budget Resolution as a measure that will provide "permanent tax relief, spur economic growth and restore fiscal order."