A new study has concluded that the United States could risk a $1 trillion hit to the economy if Congress fails to extend the 2017 Tax Cuts and Jobs Act (TCJA).
According to the National Association of Manufacturers (NAM), not renewing President-elect Donald Trump’s tax reforms will cost the economy about six million jobs and $540 billion in lost wages.
Without an extension of the Trump-era tax cuts, the economic damage would total a $1.1 trillion hit to the GDP.
Jay Timmons, the president and CEO of NAM, says the manufacturing sector would also be harmed if lawmakers do not renew the TCJA.
The study determined that 1.137 million manufacturing jobs and $126 billion in worker compensation would be erased, reducing the manufacturing GDP by $284 billion....
