Trump’s $5 trillion tax gamble sparks GOP revolt, market jitters; and a rare rebuke from Elon Musk
[ad_1] President Donald Trump is facing mounting resistance from Republican senators, financial markets, economists, and even Elon Musk, over his multitrillion-dollar tax cut plan, which critics say could explode the national debt and rattle an already wary economy.The House recently passed Trump’s proposed tax and spending cuts, but analysts say they would add over $5 trillion to the national debt in the next decade if made permanent, according to the Committee for a Responsible Federal Budget. Investors, meanwhile, are reacting with skepticism: the interest rate on a 10-year Treasury note is now around 4.5%, a dramatic jump from the 2.5% rate when Trump’s 2017 tax cuts became law.Growth vs. RealityThe White House insists that economic growth will offset the tax cuts’ cost. Stephen Miran, chair of the Council of Economic Advisers, said the economy would grow at an average of […]