Estimates by some groups said that wage increases could result in family incomes increasing by $4,000 to $9,000 per year, but a CRS analysis found no dramatic increase. (Photo: Bigstock)
A new report from the Congressional Research Service (CRS) is drawing attention for its conclusion that the recent tax cuts passed by Congress will not add much economic growth in the U.S. The report also questioned other selling points of the tax reform, such as the notion it would improve workers' wages and prompt reinvestment in and add jobs.
The study focuses on the 2017 Tax Cuts and Jobs Act, which was championed by President Donald Trump and passed with the support of Republicans in Congress. It enacted many provisions that its advocates described as pro-business, including a corporate tax cut, revised business taxes and scaled back taxes on equipment and estates. It also cut taxes for individuals, but most of those cuts are scheduled to expire after 2025, in contrast to the permanent tax cuts for corporations.
Recommended For You
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
