A major overhaul of the American economy could be on the horizon.
The Trump administration is proposing that Congress create a national commission to look at ways to fix the economy and boost wages.
Trump has also promised to cut taxes for small businesses and small businesses would be eligible for tax breaks.
A few years ago, the nonpartisan Congressional Budget Office projected that an overhaul of our economy would boost our GDP by 2.2% in the 2020s, but a study published in January by the nonpartisan Joint Committee on Taxation predicts that the growth would be even greater.
That study found that even with all of the spending cuts and tax hikes that are expected to take place in the coming years, the economy would still be stronger in 2021.
While it’s too early to say if Congress will act on the proposal, many economists and business leaders are pushing back on the idea.
“What’s needed now is a national economic plan,” said Peter Svarup, president of the National Federation of Independent Businesses.
We need a plan that is focused on job creation, not just on spending cuts, he added.
It’s too soon to tell how much the plan would cost, but many experts believe that the proposal could easily be passed with support from the Republican-controlled House of Representatives.
President Trump talks to reporters at his golf club in Bedminster, N.J., on March 27, 2018.
If Congress fails to act, there could be a major economic crisis in the future, said David Stockman, a senior fellow at the conservative Hoover Institution.
You have to start somewhere, he said.
What do you think about the tax plan proposed by the Trump administration?
I think it’s going to be very complicated and I don’t know if you can really say anything about it yet, Stockman told Business Insider.
What about Trump’s suggestion to cut corporate taxes?
If he wants to be taken seriously as a serious economic plan, I think he needs to be serious about it, Stockmansaid.
I don’t think he is.
It is a distraction from real issues, and it doesn’t really help,” Stockman said.
I do not think the plan is going to help much if you’re going to cut the corporate tax rate from 35% to 15%, which is what President Trump suggested in January.
If you do that, the rate will go up, he told reporters at a meeting in February.”
If you are going to have a plan, you’re not going to say, ‘Let’s cut taxes on everybody,'” Stockman added.
What is the economic impact of the plan?
What are the costs?
The cost of the proposal is expected to be significant.
There are a number of different estimates of the tax cut proposal.
The Wall Street Journal estimates that the plan could cost the economy $1.4 trillion over a decade, and that the rate could rise from 15% to 25% over a period of 30 years.
The Congressional Budget Center estimates that a proposal that cuts taxes by 25% would add about 2.7 million jobs.