Donald Trump’s Tax Plan Will Trigger & Fuel Growth
Donald Trump’ tax plan is “a great idea” because it was finally get the economically struggling nation back on its track.
“The engine of growth in this country and the prosperity is from the private sector. By lowering taxes, you shift resources from the government where it’s less productive to the private sector,” a Key media analysts said Thursday.
“Every time a major tax cut has been done, not only have we enjoyed more robust growth but it also increases income tax revenues. We’re in desperate need of growth and these tax cuts aren’t a bad way to get them,” he said.
Mr. Trump plan lowers tax rates across the board and breaks the tax code into 4 brackets, instead of the 7 now.
Individuals earning less than $25,000 and married couples making less than $50,000 would pay no federal income tax. It will eliminate the alternative minimum tax, the so- called marriage penalty, the estate tax, and the carried interest deduction while keeping the mortgage interest deduction. Donald Trump says, “the plan could see growth ranging from 3 to 6%.”
But, according to the left-leaning Center for Tax Justice, Donald Trump’s tax proposal would reduce revenues by around $900-B per year, which would translate to about $9-T over a decade.
Wrong, it provides a robust expansion that benefits the middle class,” the analyst said.
“As far as the revenues are concerned, now I don’t know how they got this $10-T number in this case but I’ve seen similar examples where they sort of count the same thing twice,” he explained.
The Tax Foundation predicts that Donald Trump’s plan would reduce tax revenue by some $10-T over the next 10 years when measured alongside economic growth.
Stay tuned…
HeffX-LTN
Paul Ebeling
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