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Trump's massive tax cut stirs concerns on deficit, favouritism towards rich

Donald Trump proposes biggest US tax overhaul in three decades

Reuters  |  Washington 

President Donald Trump proposed on Wednesday the biggest US tax overhaul in three decades, calling for tax cuts for most Americans, but prompting criticism that the plan favours business and the rich and could add trillions of dollars to the deficit. The proposal drew a swift, sceptical response from Senator Bob Corker, a leading Republican “fiscal hawk,” who vowed not to vote for any federal tax package financed with borrowed money. “What I can tell you is that I’m not about to vote for any bill that increases our deficit, period,” Corker, who said ...

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First Published: Thu, September 28 2017. 08:59 IST