The co-author of the Republican tax bill admitted that it's 'hard to know' what the economic benefits of the cuts will be as corporate revenues drop 31%
The Republican plan to lower corporate tax rates from 35 to 21 percent is having a harder impact on revenue than expected, according to the U.S. Treasury. The agency reported a 31 percent drop in corporate tax revenue last year, nearly two times steeper than was originally forecasted by economists.
When Republican lawmakers passed President Donald Trump's $1.5 trillion tax cut in 2017, they claimed the cuts, which mainly aided corporations and high-income filers, would eventually pay for themselves. Many, including Treasury Secretary Steve Mnuchin, claimed that the benefits would trickle down from corporations and top earners and boost the economy as a whole. But now some are changing their tune, or at least walking back their assurances.
Brady, who co-authored the original tax bill, admitted that its eventual economic benefits would be"hard to know." The Trump administration claimed when it promoted the tax bill that any additions to the deficit would be paid for by the growth the tax bill spurred.
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