The podcast episode, as narrated by Peter, deep dives into the topic of former President Donald Trump's tax proposals. The discussion begins with potential benefits, such as a 0.8% increase in long-run GDP, the creation of approximately 600,000 jobs, and permanent measures from the Tax Cuts and Jobs Act 2017. It also addresses the plan's potential downfalls, including a universal tariff on all imports, which could decrease GDP by 1.3% and increase consumer prices. The potential implications for retirees are considered, such as the proposed exemption of Social Security benefits from income taxes, which would mainly affect upper-income retirees. The episode highlights the plan's potential distributional effects, which could lead to income inequality. Peter emphasizes the unpredictability of the plan's real-world impacts. The episode closes by pointing out that further changes, such as a tax credit for family caregivers and the end of taxation for Americans living abroad, are also being considered, which could significantly increase the deficit.
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4 分