Several weeks ago, the Prime Minister announced
major tax cuts for families with children.
If Congress
passes major tax cuts early in 2017, the stimulus could be considerable and drive economic growth higher.
Indeed the government was so confident that the risks were minimal that in the same month Prime Minister Harper, with great fanfare,
announced major tax cuts, including income splitting.
Since
the major tax cuts in the bill are proposed to be permanent, the provisions would likely continue to add to the deficit outside of the 10 - year window.
Major tax cuts might also provide a short - term boost, but they would likely produce additional debt that would dampen growth in the future.
The Conservatives are playing up low - cost initiatives such as action on cross-border price differences because they've restricted spending to balance the books by 2015, expected to be an election year, and don't have the cash right now for
major tax cuts or lavish program spending.
To still tax that income and avoid
a major tax cut for investors, states would need to pair the payroll tax shift with a new tax on capital income.
The major tax cuts of the past 25 years, the Reagan cuts in the 1980's and the recent Bush cuts, were both heavily tilted toward the very well off.
The Trump administration rolled out a broad outline for
a major tax cut that would benefit billionaires and businesses — but that could hit average New Yorkers in the wallet.
Collins is a vocal supporter of the reform measure, which he has said repeatedly will result in
a major tax cut for middle - class voters in his Western New York district.
Both of
these major tax cuts will be backdated so they are effective from the 1st of January this year, and my HF the Exchequer Secretary will work with the industry to give them our full support.
They oppose the measure because they view it as
a major tax cut for corporations and the rich.
Remember, the U.S. Government needs to find a way to offset all
the major tax cuts it approved for 2018 and cryptocurrency looks appetizing.
Meanwhile, as corporations receive
a major tax cut, small businesses, which generate the lion's share of job growth, get limited relief.