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GOP tax cut not why economy is booming

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With unemployment on a downward trend, even before the tax law, wages are bound to go up anyway as the market tightens, independent of the tax changes, many say.

But as economists wait for the evidence to come in, other things in the economy will inevitably muddle the effects of the tax law.

While both the tax cut and spending hike will "meaningfully support GDP this year and next," JPMorgan said, "the effect of the [Bipartisan Budget Act] is likely to be somewhat greater than that of the TCJA.

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