Thursday, December 7, 2017

Greenspan: Tax overhaul will do 'very little' for growth

By CNBC, Dec. 06, 2017

The Republican-sponsored tax overhaul plan will do "very little" to spur real economic growth but could push inflation dangerously higher, former Fed Chair Alan Greenspan said Wednesday.

Greenspan said the GOP plan, endorsed by President Donald Trump, instead should focus on reducing the deficit and heading off inflation.

Under the proposal, the corporate tax rate will be slashed from 35 percent to 20 percent while individual rates also will be cut. Analyses of the plan show it could add $1 trillion to the budget deficit, though the White House maintains the tax cuts will pay for themselves through gains in gross domestic product.

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