Group 1 - The year 2025 is identified as a global "tax year," with increased focus on taxation by major governments like the US and China, indicating a trend of heightened tax collection efforts [2][3][6] - The global fiscal consolidation phase post-pandemic is characterized by rising search interest in tax-related topics, particularly in the context of the US implementing reciprocal tariff policies [3][6] - The US and China are both enhancing their tax collection mechanisms, with the US raising tariffs and China integrating data across departments to strengthen tax compliance [6][9] Group 2 - The US has a clear inverse relationship between fiscal and monetary policies, expanding during economic downturns and contracting during recoveries, as seen in the aftermath of the 2008 financial crisis and the 2020 pandemic [6][8][15] - The Biden administration's approach to inflation includes aggressive interest rate hikes and a mix of fiscal tightening, which has led to a soft landing for the economy [8][19] - Trump's fiscal policy aims to reduce deficits and restructure spending while increasing tariffs, potentially generating $200 billion annually from tariffs [8][19] Group 3 - China's fiscal and monetary policies have not exhibited the same clear inverse relationship as the US, with significant expansions during crises but facing challenges in managing debt and economic pressures post-2014 [9][12][30] - The real estate sector in China has faced significant corrections, with prices and investments dropping over 30% from 2021 to 2024, indicating a shift towards fiscal tightening [12][14] - The macroeconomic environment in China suggests a need for continued expansionary policies to address high inventory levels and low consumer prices, despite recent tightening measures [13][14][30] Group 4 - The concept of macroeconomic policy as a counter-cyclical measure is emphasized, with the government needing to support private sectors during downturns while managing public debt levels [31][32] - The effectiveness of fiscal policies is questioned, particularly regarding their ability to directly improve private sector balance sheets during economic slumps [35][36] - Recommendations for macroeconomic policy include timely monetary easing and direct fiscal support to households to alleviate debt burdens and stimulate consumption [38][40][41]