Monday, October 9, 2017

Trump’s Tax Plan Might Not Add Up

WASHINGTON — The Republican tax plan is looking like an increasingly tough sell, with party factions pulling it in several directions at once. As it stands, there's no easy way to satisfy any one group without tearing the package apart.

The proposal, negotiated by the White House and congressional leaders, is intended to simplify and lower tax rates, especially for corporations and for pass-through businesses, the type of individually owned company President Donald Trump relies on to organize his own finances.

The catch is that the money to lower those rates has to come from somewhere — from cutting spending,  raising tax revenues in other ways, or borrowing. Republicans passed a budget that would allow them to borrow $1.5 trillion by piling it onto the deficit over the next decade, and a bookkeeping trick might give them $500 billion more to play with. 

Click here for the full article. 

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