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WASHINGTON, May 16 (Xinhua) -- U.S. Senate Majority Leader Mitch McConnell said on Tuesday that the U.S. tax reform has to be "revenue-neutral" as the country has relatively high debt.
"It will have to be revenue-neutral. We have a 21 trillion (U.S.) dollar debt," McConnell said Tuesday in an interview with Bloomberg News Kayvon Webster Rams Jersey , putting him at odds with U.S. President Donald Trump, who has called for significant tax cuts for businesses and individuals.
In an interview with The Economist that was published last week, Trump said "it is OK" for the tax reform to increase the fiscal deficit in the short term to boost U.S. economic growth.
However, the Committee for a Responsible Federal Budget (CRFB) Nickell Robey-Coleman Rams Jersey , a nonpartisan watchdog group, estimated that Trump's tax reform could cause a total of 5.5 trillion U.S. dollars in revenue loss over a decade, and would boost the country's debt to GDP (gross domestic product) ratio to 111 percent by 2027.
"The country would need roughly 4.5 percent sustained growth to pay for the entire tax plan," said the CRFB Andrew Whitworth Rams Jersey , adding the tax reform could drive up the federal debt, harming economic growth instead of boosting it, without adequate offsets.
McConnell believed the U.S. should balance tax cuts with new sources of government revenue to avoid increase the fiscal deficit. However, the proposed border adjustment tax Connor Barwin Rams Jersey , which will tax imports while exempting exports, probably wouldn't pass the Senate, he said.
McConnell didn't commit to completing tax reform this year, a timeline set by the Trump administration. But he believed they could "get it done" under this Congress Samson Ebukam Rams Jersey , noting it took several years for the country to complete the tax reform last time.
Xi elaborates on inspiration behind Belt and Road Initiative
Xi says China willing to deepen all-weather friendship with Serbia
Xi suggests aligning B&R initiative with European investment plan
Xi says China willing to assist Myanmar in peace progress
Miraculous road at Guoliang cliff corridor in China's Henan
Dough figurines made by folk artist in E China
Sea of clouds over meadows in NW China's Shaanxi
2017 national yoga contest held in SW China
People who are familiar with gaming should know that as early as November 18, 2003, China's State General Administration of Sport will be included in the national e-sports 99 sports categories. It can be said to have a true birthright, not net Tour is still "demonized" the black family. With the country supposedly support and enthusiasm of the domestic gaming players Josh Reynolds Rams Jersey , compe.