White House: $4K more for families with business tax cuts

WASHINGTON (AP) — By slashing corporate tax rates, the Trump  administration said Monday, the average U.S. household will get an  estimated $4,000 more a year.

This stunning 5 percent increase was met with skepticism from tax experts and Democratic lawmakers who said the math was flawed. Spread across every U.S. household, the  White House analysis claims it would generate “conservatively” an income  jump totaling $504 billion, or about $200 billion more than the  revenues currently generated by the corporate income tax.

With this new report, the White House is making a populist argument for its proposal to cut the 35 percent corporate tax rate to 20 percent. Trump has  pitched his tax plan as supporting the middle class even though the  details point to major companies and the wealthy as the biggest winners.  Polls suggest that voters generally frown upon the idea of cutting  taxes for businesses — essentially rewarding these firms for avoiding  taxes by exploiting loopholes and keeping profits overseas.

“President Trump complains about fake news — this fake math is as bad  as any of the so-called fake news he has complained about,” said Senate  Minority Leader Chuck Schumer, a New York Democrat. “This deliberate  manipulation of numbers and facts could lead to messing up the good  economy the president inherited.”

Full story from 24 Hour News 8


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