Conservative Economist and Stephen Henderson Discuss Tax Bills, Government Shutdown
Economic professor Jeffrey Dorfamn breaks down the pros and cons of the proposed tax bill.
Congress has passed a two-week funding bill, averting a government shutdown. That’s at least until December 22.
Meanwhile, Republicans also hope to pass their tax overhaul before the end of the year.
The U.S. House and Senate have both passed bills that would make big changes the American tax system. Both bills would give big tax breaks to corporations. According to fiscal analyses, both would blow a trillion-dollar hole in the federal deficit over the next decade.
Along with Democrats, some fiscal conservatives and libertarians are blasting these bills for being fiscally irresponsible because they will add to the country’s deficit.
What’s the likely outcome if and when the House and Senate reconcile the two plans? What would they mean for the economy? And how would they affect you?
Jeffrey Dorfman, a professor and economist at the University of Georgia, joins Detroit Today with Stephen Henderson to discuss the potential outcomes of the tax overhaul.
Dorfamn, who tends to lean conservative on economic issues, is generally supportive of the proposed tax bill.
“There are many good things in this bill,” says Dorfman. “I agree, somewhat, with the people worried about the deficit.”
Dorfman wishes the focus of this bill was on reducing deductions and lowering people’s tax rates.
This would “boost economic growth without increasing the deficit,” he says.
Ultimately, Dorfman understands the criticism of the bill, but still sees it as a positive piece of legislation.
“I still think the good outweighs the bad,” he says.
Click on the audio player above for the full conversation.