Trump's Tax Cut Promises Uncertain

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CNBC

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What to expect when President Trump tries to make tax cut promises reality, even with GOP sweep in Congress

Summary

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84% Informative

Tax experts are not as confident as Mnuchin that it won't be a slog, even in a GOP sweep scenario, to deliver on the tax cuts promised to both voters and businesses.

Any GOP majority will still be a relatively narrow one, complicating the path of tax policy, government funding and the debt ceiling debate.

PwC: This is a "must-pass year" for the expiring 2017 tax cuts and Job Act policies.

Failure to act would result in "across-the-board tax increases on virtually every individual taxpayer" The Trump administration and GOP members on the Hill are expected to move relatively quickly, and use the reconciliation process to enact tax policy.

The first detailed look at which campaign proposals are being pursued will come in a budget proposal that the new president sends to Capitol Hill .

The current national debt total is nearly $36 trillion and there is the potential for close to $5 trillion added to the deficit over a decade in the cost of a renewed 2017 tax plan.

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English

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