Tags: Paul Ryan | GOP | House | Tax Plan | Praised | Economy | Booster

House GOP Tax Plan Praised by Tax Foundation as Economy Booster

House GOP Tax Plan Praised by Tax Foundation as Economy Booster
House Speaker Paul Ryan addresses a news conference to introduce the House Republicans' tax reform proposal on June 24, 2016. (Photo by Chip Somodevilla/Getty Images)

By    |   Tuesday, 05 July 2016 08:35 PM

The conservative Tax Foundation has released a report praising the House Republicans' latest tax reform proposal, saying that the economic boost to the economy would cover a large majority of the plan's cost, Politico reports.

The organization's analysis is particularly supportive of the large cut in the corporate tax rate and expanded incentives for business investment, saying that those provisions would help create an additional 1.7 million jobs and raise wages by 7.7 percent.

This was the latest blueprint for tax reform envisioned by House Speaker Paul Ryan and is meant as a game plan for 2017 if Republicans retain control of the House after the November elections.

But the liberal Citizens for Tax Justice (CTJ) said in its own report that the plan would disproportionately benefit the top one percent of income earners, The Hill reported.

Those very top earners who would receive an annual tax cut of $137,780. The tax cuts for middle and lower income taxpayers would be much less, with a yearly savings of $753 for those in the middle fifth of income and a tax cut of only $107 a year for those in the bottom fifth of income.

The Chicago Tribune points out that the plan is very similar in its broad strokes to tax reform proposed by presumptive Republican nominee Donald Trump, as both programs heavily rely on the supply-side philosophy.

The House Republican plan would also end taxes on corporate exports while keeping them for imports.

This dovetails with one of Trump's main messages, which is encouraging companies to move their legal addresses to the U.S. by getting rid of some of the benefits American companies have received by moving their headquarters abroad.

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The conservative Tax Foundation has released a report praising the House Republicans' latest tax reform proposal, saying that the economic boost to the economy would cover a large majority of the plan's cost, Politico reports.
GOP, House, Tax Plan, Praised, Economy, Booster
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2016-35-05
Tuesday, 05 July 2016 08:35 PM
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