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Economists Say US Tax Reform Will Provide Massive Economic Boost

by Mike Godfrey, Tax-News.com, Washington

28 November 2017


Nine leading US economists have written to Treasury Secretary Steven Mnuchin to describe the extent to which tax reform will raise current and future economic activity and generate federal tax revenue to reduce the "static cost" of the reforms.

The letter said annual economic growth rates would rise by about three percentage points, or four percentage points if permanent full expensing is included. Reduced tax rates for pass-through businesses and individuals could boost growth further.

Responding, Mnuchin stated: "We are very encouraged that findings by this preeminent group of economists supports our strong belief that the tax reform proposals before Congress will lead to substantial economic growth."

The experts include Robert J Barro, Professor of Economics at Harvard University, and Michael J Boskin, Professor of Economics at Stanford University, and several members of the Council of Economic Advisers under President George H W Bush.

TAGS: individuals | Finance | tax | business | corporation tax | tax rates | United States | tax reform | Other

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