The Council of Economic Advisors said Trump's tax cuts led to millions receiving bonuses. It also cautioned that progressive policies could harm economic growth.
The White House laid out its case against progressive programs like"Medicare for All" and a wealth tax, while touting the projected benefits of its own economic agenda in a new report published Tuesday.
The White House said that 6 million workers got bonuses after Trump's tax law. It also said venture capital deals were $17 billion higher last year than they would have been without the new law and that U.S. companies repatriated $600 billion in overseas earnings during the first three quarters of 2018.
White House economic projections have generally been more optimistic than consensus forecasts from independent organizations. Last week, the administration's budget forecast continued economic growth at a rate of 3 percent or higher over the next five years. That's far rosier than the 2.7 percent the nonpartisan Congressional Budget Office forecast for this year and the 1.9 percent growth for next year.
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