Source: EconLog
by Richard McKenzie
“President Trump has fended off Republican criticisms of his ‘big, beautiful [budget] bill’ by declaring that a vote against it is a vote for ‘the biggest tax increase’ in American history, an estimated $4 trillion over a decade. The hidden irony is that, as the late Milton Friedman warned a half century ago, even if 2017 tax rates do not lapse, the ‘big, beautiful bill’ will raise the country’s ‘true taxes.’ Why? The bill includes substantial increases in federal deficit spending, which will be a drag on economic growth that would otherwise have been gr eater because of his tax-rate reductions and deregulation policies.” (06/17/25)
https://www.econlib.org/the-big-beautiful-bill-and-the-wisdom-of-friedman/