“They are not zero, but they are modest.”President Trump believes the tax code is too complicated and tax rates are too high, and he has made overhauling the tax code one of his top priorities. Most Democrats will not support a tax plan that simply cuts tax rates, and Republicans have a narrow 52-to- 48 advantage in the Senate. To pass a tax plan along party lines, they have to ensure that it won’t grow the deficit beyond the first 10 years. Trump has in the past proposed cutting the corporate tax rate from 35 percent to 15 percent and cutting individual income tax rates sharply as well. The Tax Policy Center, working with the University of Pennsylvania, estimated that Trump’s proposed tax cuts would reduce revenue by $6.2 trillion over 10 years.

Source: Washington Post April 20, 2017 19:11 UTC