ON DECEMBER 20, 2017, the United States Senate passed the Tax Cuts and Jobs Act into law, which caused a sugar rush in the US economy.
In addition to this factor, there are other variables at play that could bring the US economy to the brink of another recession. If it's moving toward this downward slope, what are the telltale signs, and what will this recession mean for Indonesia?
The tax reforms have been favorable to large corporations, as they allow them to enjoy an effective tax rate of 21% or lower. The thing is, they have the opposite effect on individual taxpayers, who might have to pay more taxes instead. This is especially true for those who reside in high-tax states with skyrocketing property values. The rich will eventually benefit in the long run from this new law with such a permanent tax cut. On the other hand, the lowest earners will pay more in taxes after the temporary individual tax provisions expire in 2025.
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