Economics
Republicans Say Small Growth Bump Can Offset Lost Tax Revenues
- Some lawmakers leery of way plan will impact high-tax states
- House plan to cut taxes by $1.5 trillion expected this week
Peterson: Doesn't See Comprehensive Tax Reform
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The Republican tax plan, expected to feature sharp reductions to corporate and individual tax rates, won’t raise the U.S. budget deficit over the long term as many economists have forecast, said two Republican lawmakers.
“At the end of the day, this is going to be reducing the deficit because it’s going to get the economy moving,” Senator Rob Portman, an Ohio Republican who serves on the Senate Finance Committee, said on NBC’s “Meet the Press” on Sunday.