CNN Correspondent: Trump’s Tax Plan Has A ‘Slim-To-None’ Chance Of Passing Congress
- 7 years ago
President Trump recently introduced his new tax plan, which aims to jumpstart job creation and economic growth. However, critics have been speaking out against the proposal.
President Trump recently introduced his new tax plan, which aims to jumpstart job creation and economic growth.
However, critics have been speaking out against the proposal. Among them is CNN’s Phil Mattingly who described the legislation’s chances of passing both chambers of Congress as, “slim-to-none.”
The D.C.-based correspondent explained, “...that's more a nod to the reality of tax reform...than these principles necessarily. There is real appetite on Capitol Hill to do this...But cuts this steep won't fly.”
That said, Mattingly indicated there may be hope for tax reform, citing the strong Republican leaders like the president, the House speaker, the Senate Majority Leader, and top committee chairs who may have the drive and ability to make it happen.
On the other hand, former Treasury Secretary Larry Summers, who served under Bill Clinton and advised Barack Obama, called Trump’s plan “absurd.”
He told CNBC, “If I had been asked by the White House to assert a proposition as demonstrably false as the claim that this plan would produce revenue, I would have resigned rather than put the credibility of the department behind a proposition that no one with real experience would believe was true.”
Meanwhile, top investment firms were split, with analysts at JPMorgan Chase concluding that the proposal was “virtually impossible to pass” while Alec Phillips, political economist with Goldman Sachs, said that there is, "a good chance that tax legislation becomes law."
Trump’s plan aims to lower corporate taxes and shrink the number of individual tax brackets.
President Trump recently introduced his new tax plan, which aims to jumpstart job creation and economic growth.
However, critics have been speaking out against the proposal. Among them is CNN’s Phil Mattingly who described the legislation’s chances of passing both chambers of Congress as, “slim-to-none.”
The D.C.-based correspondent explained, “...that's more a nod to the reality of tax reform...than these principles necessarily. There is real appetite on Capitol Hill to do this...But cuts this steep won't fly.”
That said, Mattingly indicated there may be hope for tax reform, citing the strong Republican leaders like the president, the House speaker, the Senate Majority Leader, and top committee chairs who may have the drive and ability to make it happen.
On the other hand, former Treasury Secretary Larry Summers, who served under Bill Clinton and advised Barack Obama, called Trump’s plan “absurd.”
He told CNBC, “If I had been asked by the White House to assert a proposition as demonstrably false as the claim that this plan would produce revenue, I would have resigned rather than put the credibility of the department behind a proposition that no one with real experience would believe was true.”
Meanwhile, top investment firms were split, with analysts at JPMorgan Chase concluding that the proposal was “virtually impossible to pass” while Alec Phillips, political economist with Goldman Sachs, said that there is, "a good chance that tax legislation becomes law."
Trump’s plan aims to lower corporate taxes and shrink the number of individual tax brackets.