(National Sentinel) Tax Reform: House Majority Leader Kevin McCarthy, R-Calif., said this morning during a discussion about tax reform and tax rates that the federal government ought not to be in the business of using its tax code to punish success.
House GOP leaders are expected to reveal their tax reform bill on Wednesday, a source told the financial news network.
The plan comes after the House narrowly approved a Senate budget on Thursday, which was viewed as a critical first step towards tax reform later this year.
The Republican plan would dramatically reduce individual and corporate tax rates. Also, Republicans want to dramatically simplify the tax code because they say that will also improve compliance and tax collection.
President Donald Trump’s Council of Economic Advisers on Friday released a new report, which predicts corporate tax cuts alone will produce gross domestic product growth of between 3 and 5 percent, CNBC reported.
Growth may even be better. The economy already expanded 3 percent in each of the previous two quarters of this year.
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