Professor Rebecca Kysar, who will join Fordham Law this fall, testified before the U.S. Senate Committee on Finance about the new tax law.
One of the most unfortunate aspects of the legislation is its immense cost. By adding to the deficit over the next decade by $1.9 trillion, the legislation leaves the country with fewer government resources just as social needs and demographic shifts begin to demand much more of them. This figure, however, is likely to be a low estimate of the legislation’s long-term effects. Many of the revenues are frontloaded into the ten-year budget window. Moreover, the estimate assumes that several far-off tax increases will go into effect, a perhaps unlikely event.