Trump tax cuts won't be paid for
The Trump Administration has no plans to pay for its proposed tax cuts, according to revealing comments made Thursday by top White House officials Gary Cohn and Steve Mnuchin at an Institute of International Finance conference. There will be no border adjustment tax — the trillion-dollar hike on imports raised in Paul Ryan's plan — nor any other big new revenue generators.
Both Cohn and Mnuchin said economic growth would be the primary way to pay for corporate and individual tax cuts, while fewer deductions and tax simplification would also play roles. It is not an opinion that is widely shared by on Capitol Hill, including among Republicans.