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Congress’ budget team can’t tell if tax cuts caused revenue drop

OCTOBER 29, 2019 | by Laura Davison | ACCOUNTING TODAY

The federal government is taking in less money but can’t tell if the shortfall is tied to the 2017 tax cuts or other factors like trade uncertainty, the Congressional Budget Office said in a letter. … The cost of the tax cuts — and whether or not the resulting economic growth will pay for them — has been a key area of disagreement for Republicans and Democrats in the almost two years since the law was passed.

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