Former U.S. Secretary of LaborRobert Reichhas called out the tax reduction plans of theDonald Trump-led administration in an X post, terming them as an "absolutely shameless giveaway," that could shoot up the deficit by $4.6 trillion.
What Happened: The possible tax cuts for rich individuals and lower corporate tax rates are likely to widen the U.S. trade deficit, which the Trump 2.0 administration would most likely fund from the tariffs imposed on its trading partners.
Trump wants to extend his tax cuts for rich individuals, which would add $4.6T to the deficit.
But he wants to go...
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