Growth benefits of U.S. tax cuts may be overestimated

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IN AN ECONOMIC LETTER, an economic letter from the Federal Reserve Bank of San Francisco, economists Tim Mahedy and Daniel Wilson wrote that analysts may have overestimated the benefits of the Tax Cuts and Jobs Act of 2017. / BLOOMBERG FILE PHOTO/JULIA SCHMALZ
IN AN ECONOMIC LETTER, an economic letter from the Federal Reserve Bank of San Francisco, economists Tim Mahedy and Daniel Wilson wrote that analysts may have overestimated the benefits of the Tax Cuts and Jobs Act of 2017. / BLOOMBERG FILE PHOTO/JULIA SCHMALZ
NEW YORK - United States growth expectations may be too rosy as analysts overestimate how much tax cuts will boost the economy, according to an economic letter from the Federal Reserve Bank of San Francisco. Analysts have forecast large increases in economic growth over the next two- to three-years following $1.5 trillion in corporate and…

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