<Li> Significantly increasing capital expenditures requires an inflow of foreign capital, strengthening the dollar, increasing trade deficits and potentially costing up to 2.5 million manufacturing and supporting jobs . </Li> <P> In November 2017, the University of Chicago asked over 40 economists if U.S. GDP would be substantially higher a decade from now, if either the House or Senate bills were enacted, with the following results: 52% either disagreed or strongly disagreed, while 36% were uncertain and only 2% agreed . </P> <P> The Tax Policy Center estimated that GDP would be 0.3% higher in 2027 under the House bill versus current law, while the University of Pennsylvania Penn Wharton budget model estimates approximately 0.3--0.9% for both the House and Senate bills . The very limited effect estimated is due to the expectation of higher interest rates and trade deficits . These estimates are both contrary to the Administration's claims of 10% increase by 2027 (about 1% per year) and Senator Mitch McConnell's estimate of a 4.1% increase . </P> <P> Federal Reserve Bank of NY President and CEO William C. Dudley stated in January 2018: "While this legislation will reduce federal revenues by about 1 percent of GDP in both 2018 and 2019, I anticipate the boost to economic growth will be less than that . Most importantly, most of the tax cuts accrue to the corporate sector and to higher - income households that have a relatively low marginal propensity to consume . This suggests that a significant portion of the tax cuts will be saved, not spent ." </P>

When did the tax cuts go into effect