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April 26, 2017

Would Trump's big tax cut pay for itself?

  • Major tax cuts could provide a short-term boost, but they would likely produce additional debt that would dampen growth in the future.
    • By STEPHEN OHLEMACHER and JOSH BOAK
    The Associated Press

    WASHINGTON — Republicans who slammed the growing national debt under Democrat Barack Obama said Tuesday they are open to President Donald Trump’s tax plan, even though it could add trillions of dollars to the deficit over the next decade.

    Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday that includes a massive cut in the corporate income tax, reducing the top rate from 35 percent to 15 percent. The plan will also include child-care benefits, a cause promoted by Trump’s daughter, Ivanka.


     
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