His Treasury Secretary says the proposal will include a reduction in the US Corporate tax rate from 35% to 15%. Big increases in personal deductions. Calling it the largest tax cut in US history.
Will it pass?
Will it work? Will it be followed by an increase in tax revenues collected (as happened when Bill Clinton and Bush 43 cut taxes), or will it lead to huge deficits (as happened when the state of Kansas tried tax cuts recently)?
Here in CT, where tax rates are a hair lower than they are in Venezuela, the legislature is going crazy because April state income tax revenues are hundreds of millions of dollars lower than what was expected.
Tax revenue collected, doesn't always move with tax rates. Tax cuts can be followed by an increase in tax revenue (if they are stimulative), tax hikes can be followed by a decrease in tax revenue (when the hikes cause people to move elsewhere, or to cut back on income generation).
One thing I like about Trump, the benefit of electing an outsider, is that he could care less about maintaining the status quo if there's a better idea.
http://www.foxnews.com/politics/2017...rate-rate.html