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November 7, 2017

Why debt from GOP tax cuts might impose a painful price

By PAUL WISEMAN
AP Economics Writer

WASHINGTON — When House Republicans proposed their tax-cut plan last week, critics noted that it came with a towering price: It would swell the nation's debt by $1.5 trillion at a time when the economy is already faring well on its own and a vast generation of retiring baby boomers threatens to strain the Social Security and Medicare programs.

President Donald Trump and Republicans in Congress argue that their plan, which would shrink the corporate tax rate and end taxes for most wealthy estates, would accelerate economic growth. It would do so, they say, by leaving more after-tax money for businesses to invest and to increase pay for their employees, who would then spend more and help invigorate the economy.


 
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