During his presidential campaign, Donald Trump promised to reform the tax code that would lower the personal income taxes for many Americans and businesses, The idea has worked in the past, when taxes were lowered, businesses had more money to hire workers and worker shad more money to spend, causing the economy to thrive. This is exactly what Trump should be revealing next week.
President Donald Trump will release a tax plan for individuals and businesses next week that may not include every component that will go into final legislation, said a senior White House official.
The plan — which Trump said will be released Wednesday — will contain the administration’s priorities, and it will finally reveal the president’s position on a controversial proposal called the border-adjusted tax, said the official, who asked not to be identified because discussions of the plan are private.
White House Budget Director Mick Mulvaney, in an interview with Bloomberg Television, provided few details, saying the plan is aimed at providing 3 percent annual growth. “We’re trying to backfill from there,” he said — by incorporating tax policy that would provide for that ambitious growth target. A Bloomberg survey of 73 economists in April showed the median forecast for U.S. economic growth in 2017 is 2.2 percent.
While Democrats want to continue to raise taxes so they can spend more taxpayer money, Trump has the opposite opinion. Millions of Americans are anxiously waiting to see just how low their taxes will be and how much more money they will be left with to spend on things like mortgages, food and clothes for their families.