Republicans have a $700 billion problem that could make their new tax plan nearly impossible
|09/28/2017||Posted by BusinessMediaguide.Com under General World News||
President Donald Trump and Republicans have a big math problem with their attempt to overhaul the nation’s tax code.
According to analysis of the tax-reform framework released Wednesday by Trump and the “Big Six” tax negotiators, decreased tax rates in the plan would plunge the amount of revenue the federal government takes in by $5.8 trillion over 10 years.
If various personal deductions were eliminated as the plan proposes, it would still leave a $2.2 trillion addition to the deficit over 10 years, according to the analysis from the Committee for a Responsible Federal Budget.
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