Jonathan Chait of New York Magazine holds that the GOP’s effort to create economic growth with its latest tax plan is deeply flawed and will have a negative impact. He argues that the Republican plan moves against the party's principles regarding balanced budgets and lower budgetary expenditures and predict a substantial increase of the already too high National Debt that more than doubled during the Obama's Administration.
On the other hand, Grover Norquist of Fox News finds it to be a tax plan carefully thought-out to maximize the sucesses of American companies and to remove punitive taxes that hit too many people, thus stimulating the whole economy and facilitating jobs creation. Regarding corporate taxes, corporations will be able to compete in better terms around the World by lowering them, bringing higher revenues to Americans, reducing the trade deficits and providing much-needed jobs in companies returning to America.
The GOP proposal would slash corporate income tax –presently one of the highest in the World– as well as repealing the estate tax (inheritances) and the alternative minimum tax.
- Hits: 8872