The US President Donald Trump announced to cut taxes and tariffs before coronavirus struck and it has not shown any positive impact until now. Many experts believe that it may lead to worse financial impact during the coronavirus pandemic and it will introduce the worst every recession in the US.
Trump took this step to improve domestic investment and increase growth, but both these goals seem out of reach at present. Instead, it has caused big damage to the foreign relations of the US and increased the national debt. Apart from this, the health crisis has become all the more visible in the US.
Many private and government companies have admitted that Trump’s decision to introduce the Tax Cuts and Jobs Act, is expected to cost the federal government over $1 trillion of revenue loss over the next decade. And it will eventually lead to a bigger deficit and higher debt as a whole.
The relations between the US and China have entered the worst phase due to which both nations will face bad consequences for it. But the more bad impact will be reflected in the US economy as it is expected to enter the worst phase of recession.
Before the coronavirus pandemic, China was expected to increase the level of investment in the US but now it doesn’t seem possible. Many tax reforms have been introduced by the US amidst the coronavirus pandemic for individuals and businesses.
Due to a delay in the tax deadline to July 15, people are not submitting their tax returns on time. And lots of people are now making use of tax caster refund calculator or other similar tools to calculate their tax to pay online without leaving their house.