Extending the individual income tax portions of the Tax Cuts and Jobs Act (TCJA) is supposed to be a good thing, right? After all, who doesn't love lower taxes? However, data from the Congressional Budget Office (CBO) predicts that, without accompanying spending cuts, these tax cuts are going to cost the government.
If the cuts continue, it's possible that "the positive effects of lower taxes would be counteracted by the negative effects of higher debt," according to a Tuesday report from the Committee for a Responsible Federal Budget (CRFB).
