President-elect Donald Trump’s proposals to cut taxes on corporations and personal income will boost economic growth, according to a new report from the World Bank Group.
Newly elected Republican Study Committee Chair Rep. Mark Walker (R., N.C.) said that tax reform and repealing Obamacare are two agenda priorities in the upcoming year.
Rep. Kevin Brady (R., Texas), the chairman of the House Ways and Means Committee, said Tuesday that his two top priorities for the coming year are tax reform and replacing the Affordable Care Act.
The House Republican tax reform plan introduced by Speaker Paul Ryan (R., Wis.) would create 1.7 million jobs, increase the nation’s GDP, and increase after-tax income for all Americans, according to an analysis from the Tax Foundation.
House Republicans, led by Speaker Paul Ryan (R., Wis.), have introduced their tax reform plan, which would simplify the tax code so it could fit on a postcard.
IRS Commissioner John Koskinen told lawmakers on Wednesday that implementing a flat tax would be simpler than the current tax system and would save the agency a lot of money.
Economists touted the benefits of the Main Street Tax Plan, saying it would expand the economy by $2 trillion in a decade, at an event at the Hudson Institute on Wednesday.
Lowering the corporate income tax rate from 35 percent would not only increase the size of Gross Domestic Product (GDP) but also would add jobs and increase wages, according to calculations from the Tax Foundation.
Residents of 12 states–Arizona, Florida, Indiana, Kansas, Maryland, Michigan, Minnesota, Nebraska, New York, Ohio, Rhode Island, and Wisconsin–will have a happier 2015 thanks to lower tax bills, the Washington Times reported Monday.