IMF Urges US to Raise Taxes Amid Robust Growth

The International Monetary Fund (IMF) has urged the United States to raise taxes to manage rising debt levels while praising the dynamic growth of the world's largest economy. The IMF's review highlighted the risks posed by high deficits and debt to both the U.S. and global economy.

The International Monetary Fund on Thursday called on the U.S. to raise taxes to curb rising debt levels while applauding "robust, dynamic" growth in the world's largest economy and progress towards bringing inflation under control.

The IMF said in a closing statement for its "Article IV" review of U.S. economic policies that high deficits and debt "create a growing risk to the U.S. and global economy, potentially feeding into higher fiscal financing costs and a growing risk to the smooth rollover of maturing obligations."

The IMF's statement slightly revised down its 2024 U.S. GDP growth forecast to 2.6% from the 2.7% forecast in the global lender's World Economic Outlook in April.

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