President Trump is pursuing a drastic cut in the corporate tax rate, a move that is likely to grow the national debt and breach a long-held Republican goal of curbing federal borrowing.
The president has instructed advisers to propose cutting the corporate tax rate from 35 percent to 15 percent, according to White House officials who said they were not authorized to speak publicly about the plan. The rate reduction — which independent budget experts say could cost the federal government $2.4 trillion over a decade — is larger than what House Republicans had proposed in their own plan.
“The tax plan will pay for itself with economic growth,” Treasury Secretary Steven Mnuchin said Monday.
“The administration has embarked in a very dangerous direction,” said Edward Kleinbard, the former chief of staff for Congress’s Joint Committee on Taxation. “If it is going to rely on the principle that tax cuts can pay for themselves, history has demonstrated that tax policies move the growth needle a bit but no more than that.”
And even members of the GOP who agree that tax cuts can significantly boost growth have acknowledged that any big tax cut would require raising other revenue or finding budget savings.
Once again, Republicans making their big business oligarch friends even richer. This will balloon the National Debt, something they constantly harped on the past eight years when Obama was President ... now unimportant.
They know this is harmful but as always the GOP mindlessly gives the corporate lobby what it wants because they demand it and because "Atlas Shrugged" so they must deserve it.