Trump promises big tax cuts, but GOP-led Congress is already thinking about scaling back - LA Times
'One main revenue source, the elimination of state and local tax deductions, could generate as much as $1.3 trillion over the decade. '
' Even before Trump mocked him, Corker was concerned the tax plan would increase the deficit. '
'Every percentage-point reduction in the corporate rate reduces federal tax revenue by about $100 billion over 10 years. '
'Slashing the corporate rate to 20% would cost about $1.5 trillion. '
'There’s already talk that the cornerstone of the GOP proposal — a dramatically reduced 20% corporate tax rate that Trump has called a “red line” — may slip to 22% or 23%, those familiar with negotiations said. '
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'One main revenue source, the elimination of state and local tax deductions, could generate as much as $1.3 trillion over the decade. '
' Even before Trump mocked him, Corker was concerned the tax plan would increase the deficit. '
'Every percentage-point reduction in the corporate rate reduces federal tax revenue by about $100 billion over 10 years. '
'Slashing the corporate rate to 20% would cost about $1.5 trillion. '
'There’s already talk that the cornerstone of the GOP proposal — a dramatically reduced 20% corporate tax rate that Trump has called a “red line” — may slip to 22% or 23%, those familiar with negotiations said. '
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