The Senate passed the 2018 fiscal year budget resolution Thursday in a 51-49 vote, paving the way for tax reform.
President Donald Trump pitched his tax reform plan during a keynote address at the Heritage Foundation’s annual President’s Club meeting on Tuesday evening in Washington, D.C.
Eliminating the state and local tax deduction through President Trump’s tax reform framework could help lower taxes by $1 trillion, according to economist Stephen Moore, who helped put the original tax plan together.
Grover Norquist, president of Americans for Tax Reform, said that repealing the death tax would create jobs, increase economic growth, and bring in federal revenues.
Kevin Hassett, the chairman of the Council of Economic Advisers, says a tax cut like the one President Trump is proposing could potentially lift wages by about $4,000.
Kevin Hassett, the chairman of the Council of Economic Advisers, says President Donald Trump’s tax reform proposal would lift GDP by 4 percent in the first year.
The United States’ corporate tax rate of 38.91 percent is the fourth highest in the world, according to a report from the Tax Foundation.