04/12/2017

White House Walks Back Timing, Size Of Tax Cuts; Puts Stock Rally In Jeopardy [Watch]

Brian Schwartz, Charlie Gasparino, Fox Business

The Trump White House is conducting a “listening” tour on how to best cut taxes as it concedes it no longer has a set deadline to produce its tax-cut plan, a move that could curtail the current rally in stock prices, FOX Business has learned.

It’s unclear who the White House is listening to as it cobbles together a proposal to cut both corporate and individual taxes as Trump promised during the 2016 presidential campaign. But White House aides acknowledge there is now indecision about the size, scope and timing of any tax-cut plan, and that the president is listening to a variety of people in determining a new plan.

White House Press Secretary Sean Spicer says the president is even considering other ideas that might deviate from his stated intentions during the campaign to cut the corporate tax rate to 15 percent from its current level of 35 percent, and to slash the top individual rate to 33 percent from 39.6 percent.

“There’s a whole listening part that goes along with it,” Spicer told FOX Business. “There’s a whole engagement aspect to this…We’re at the beginning of the process. We’re not in a position to say what’s in and what’s out, and it’s a little premature to discuss that at this point.”

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Thanks to "bracket creep," the inflation of the 1970s pushed millions of taxpayers into higher tax brackets even though their inflation-adjusted incomes were not rising. To help offset this tax increase and also to improve incentives to work, save, and invest, President Reagan proposed sweeping tax rate reductions during the 1980s. What happened? Total tax revenues climbed by 99.4 percent during the 1980s, and the results are even more impressive when looking at what happened to personal income tax revenues. Once the economy received an unambiguous tax cut in January 1983, income tax revenues climbed dramatically, increasing by more than 54 percent by 1989 (28 percent after adjusting for inflation).

 

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