Trump Tax Withholding Policy Depending on Economic Growth.
President Donald Trump's tax reform plan will rely heavily on the profitability of future earnings from economic growth to justify this tax-cutting policy. Thus was disclosed Trump advisor on Thursday.
When the first 100 days of Trump's rule came to an end, the statement was a signal that the White House would differ with members of the Congress Party who wanted to cover the country's revenue shortfall due to tax cuts by imposing import taxes and eliminating the reduction of income taxes for the payment of interest on state debt.
"Some tariff reductions (taxes) will be offset by fewer reductions and simpler taxes," said Finance Minister Steven Mnuchin in a question-and-answer session on the sidelines of the International Monetary Fund and World Bank spring meeting in Washington.
"But most will be made by what we believe is fundamentally dynamic growth and assessment," he added. Dynamic assessment is a little-known government prediction method that uses economic modeling to predict revenue changes due to economic growth fueled by new tax and economic policies.
The statement from the finance ministry also indicates Trump's fiscal policy promised when the campaign is still long to be implemented given the latest data showing slowing US GDP figures. At time of writing, the US dollar index is at 99.81 or just up 0.04%, still well below the level when Trump's start was at level 110.
President Donald Trump's tax reform plan will rely heavily on the profitability of future earnings from economic growth to justify this tax-cutting policy. Thus was disclosed Trump advisor on Thursday.
When the first 100 days of Trump's rule came to an end, the statement was a signal that the White House would differ with members of the Congress Party who wanted to cover the country's revenue shortfall due to tax cuts by imposing import taxes and eliminating the reduction of income taxes for the payment of interest on state debt.
"Some tariff reductions (taxes) will be offset by fewer reductions and simpler taxes," said Finance Minister Steven Mnuchin in a question-and-answer session on the sidelines of the International Monetary Fund and World Bank spring meeting in Washington.
"But most will be made by what we believe is fundamentally dynamic growth and assessment," he added. Dynamic assessment is a little-known government prediction method that uses economic modeling to predict revenue changes due to economic growth fueled by new tax and economic policies.
The statement from the finance ministry also indicates Trump's fiscal policy promised when the campaign is still long to be implemented given the latest data showing slowing US GDP figures. At time of writing, the US dollar index is at 99.81 or just up 0.04%, still well below the level when Trump's start was at level 110.
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