Don’t worry about short-term deficit

Source: USA Today
by Chris Edwards

"With tweets, speeches and meetings, President Trump is urging Congress to cut taxes by the end of the year. The president argues that our high business taxes are driving investment abroad and hurting U.S. workers. Most members of Congress agree that we need to reduce our 35% federal corporate tax rate, which is one of the highest in the world. The disagreement comes when Trump says he wants 'the biggest tax cut … in the history of our country,' as he tweeted the other day. He seems to be promising to vastly slash Uncle Sam’s grab from our wallets. That would be great if Trump and Congress matched the tax cuts with spending cuts. But without the latter, deficits would rise and simply impose higher taxes on people down the road. … Alas, Republicans cannot seem to cut spending, and they have not yet agreed on which tax breaks to repeal. Without such deficit offsets, they should scale back their tax package to just the most pro-growth elements, particularly a corporate tax rate cut." (09/17/17)

https://www.usatoday.com/story/opinion/2017/09/17/pro-growth-tax-changes-editorials-debates/105736672