Great news from the White House today! After the latest economic growth statistics were announced, Trump’s administration decided to show the excellent new tax reform plan. Americans were waiting for something like this after years of big taxes, unproductive and irritating, especially for the business companies. Trump brings a great change for all citizens. Read more below:
Treasury Secretary Steve Mnuchin has just announced that the proposed Republican tax cuts would reduce the deficit by $1 Trillion.
The Hill reported: The tax cuts proposed by Republicans and the White House will stimulate enough economic growth to overcome expected deficits, Treasury Secretary Steven Mnuchin said Thursday.
“We think there will be $2 trillion of growth. So we think this tax plan will cut down the deficit by a trillion dollars. That’s a large number,” he said in an interview on Fox Business Network’s “Mornings with Maria.The impact of the tax cuts on the deficit is a major hurdle for Republicans as they seek to pass a tax overhaul. The framework released Wednesday for the bill is already drawing criticism from Democrats and ruffling feathers among fiscal conservatives in the party.
While many economists agree that tax cuts stimulate the economy, there is skepticism over whether revenues from extra economic growth would produce enough tax revenue to pay for the cuts.
The Center for a Responsible Federal Budget has estimated that the GOP’s tax proposal would add $2.2 trillion to the deficit.
Please spread the good news. This new idea seems great. As we already said, the biggest problems for the US economy is the huge deficit and the giant debt. Obama put this country into a very bad position.
However, Donald Trump and his administration know very well what they do. The economic growth the best since 2015, despite everything that happened in the past couple of months including the hurricane season.
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