IMF criticizes Trump's tax bill as economic threat
The IMF just sounded the alarm on Donald Trump's new tax bill, saying it could push the US deficit up by $4 trillion over the next decade.
The plan would extend 2017 tax cuts and add new breaks for things like tips and overtime pay.
Even if some spending gets cut, the bill is still expected to add $3.4 trillion to the deficit (and that's not even counting interest).
Plan mainly helps wealthy, say experts
This warning comes as US debt is already close to 98% of GDP, way up from 10 years ago.
While Trump's team insists these cuts will boost economic growth enough to cover costs, lots of experts aren't buying it.
Six Nobel Prize-winning economists say the plan mainly helps the wealthy and could leave low-income families worse off—by 2033, resources for America's poorest could drop by 4%.
Harvard economist Ken Rogoff summed it up: "Tax cuts like these have usually led to bigger deficits, not lasting growth."