Sep 22, 2017
Senate Republicans are rallying behind President Trump’s proposal for massive tax cuts. Key senators have embraced the idea of a $1.5 trillion tax cut to be spread out over a ten year period and many believe that the increase in revenue from economic growth as a result of the portion of cuts for businesses will help reduce the deficit.
Trump says this will be the largest tax cut in American history and will benefit corporations, small businesses, and individual taxpayers. However, while it is off to a good start there are many specifics of the plan that need to be worked out.These include what current deductions might be eliminated, and whether there will be corresponding cuts in federal spending. Clearly, a lot more needs to be done.