Wall Street may see upside in the GOP tax bill, but not all Americans will benefit. Heather Boushey, former member of the Council of Economic Advisers under President Biden, joins Morning Brief to explain why the cuts could leave low and middle-income families worse off.
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Heather, though, I I am hearing from and I talked to a lot of my sources on Wall Street that are bullish about these tax cuts, about a, you know, refueling of consumer spending that it's going to delete the hit from tariff policy. Is there any chance that there's a growth narrative to come from this tax bill that we're ignoring in the conversation right now?
Well, I mean, let's let's take this with a grain of salt. Many of those folks on Wall Street will directly be beneficiaries. Their incomes will go up, so maybe that will affect their spending. Certainly they will be able to afford more. But in terms of consumers around the country, in terms of low and moderate income families in rural parts of the country and in places that are not on Wall Street, they're going to be strapped for money. They're going to receive fewer benefits. They are not going to be receiving big tax cuts, and things are going to be more expensive for them. Everything from how much they have to spend on health care because, again, state governments are going to be starved, they're not going to be able to spend as much to how much they have to spend on education, how much they have to spend on energy, on top of the goods that will be more expensive because of the tariffs. So this is really, um, this might be good again for some folks at the top of the income spectrum and and that's you know, that that's the reality of the situation, but this isn't good for America.
