Impressive. What they really need to do is get rid of all subsidies, all deductions, all tax breaks, and implement a 10% flat-tax. Now that would be reform.
Republicans on Thursday muscled a $4 trillion budget through the Senate in a major step forward for President Donald Trump’s ambitious promise of “massive tax cuts and reform.”
The 51-49 vote sets the stage for debate later this year to dramatically overhaul the U.S. tax code for the first time in three decades, cutting rates for individuals and corporations while eliminating trillions of dollars of deductions and special interest tax breaks.
The tax cuts would add as much as $1.5 trillion to the deficit over the coming decade, however, as Republicans have shelved fears about the growing budget deficit in favor of a once-in-a-generation opportunity to rewrite tax laws.
“These are reforms that change incentives and drive growth, and we’ve never done that before,” said Sen. Pat Toomey, R-Pa.
The White House hailed the bill’s passage, saying it “creates a pathway to unleash the potential of the American economy through tax reform and tax cuts.”
Via the AP