Treasury Secretary Janet Yellen blames Trump’s tax cuts for ‘many of the problems’ with the U.S.’s soaring budget deficit
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Treasury Secretary Janet Yellen blames former President Donald Trump's Tax Cuts and Jobs Act for the U.S.'s soaring budget deficit. Yellen argues that the tax cuts gave tax breaks to wealthy corporations and individuals while increasing the national deficit. The national debt grew $7.8 trillion during Trump's presidency. Extending Trump's tax cuts for the next 10 years would add $4.6 trillion to the deficit, according to the Congressional Budget Office. Proponents of the tax cuts argue that they boosted the economy and increased U.S. corporations' competitiveness. Yellen believes that ending the tax cuts and enacting President Biden's proposed $3 trillion, 10-year budget deficit reduction plan will put the U.S. on a fiscally sustainable course.

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https://fortune.com/2024/06/25/janet-yellen-blames-trump-tax-cuts-problems-debt/