WASHINGTON (AP) — Top Trump administration officials insist the president’s proposed tax plan, which would slash corporate and individual tax rates, will not add to the deficit.
Treasury Secretary Steve Mnuchin (mih-NOO’-shin) told reporters at a White House briefing that the plan “will pay for itself with growth and with reduction of different deductions and closing loopholes.”
That’s despite the fact that the plan proposes a dramatic reduction in the corporate tax rate, the end of the estate tax, and personal tax cuts, especially for middle income families.
Mnuchin says the president is concerned about the federal deficit, but says the proposed plan will “lower the debt-to-GDP” ratio and “create massive amounts of revenues.”
Trump proposed a similar tax plan during his campaign. Some analyses of that plan estimated it would add trillions of dollars to the deficit over 10 years.
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