According to Bloomberg’s monthly economist poll, 78% of respondents think that Congress will be successful with tax cuts prior to mid-term elections next year — though they may be less ambitious than what has been originally planned.
Trump has promised to make this a priority. Whether or not this is a permanent change to the IRC — much like the reforms of 1986 — remains to be seen. Bloomberg notes that “White House officials have said they’re still committed to a permanent tax revamp, and the plan is to start hearings and a markup of a tax bill after Labor Day so a version can get through the House in October and the Senate in November.”
Tax reform and cuts are an indispensable way to boost floundering GDP growth, which has remained below 2% now for several years. Healthy GDP growth — 3% or higher — is imperative to restoring confidence in our continuously weak economy of the last decade.