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HURON – Cutting corporate and personal income taxes will get the U.S. economy moving again and enable the government to slowly begin erasing the federal deficit, Sen. Mike Rounds, R-S.D., said Thursday.
But President Trump’s plan, while lauded by congressional Republicans who once derided the Obama administration for adding to the deficit, could add trillions to the nation’s debt over the next decade.
In a conference call, Rounds said while the details over the president’s plan have yet to come, the concept is correct – getting tax rates down so the United States is competitive with other countries.
Trump’s proposal would involve massive cuts to corporate income taxes, reducing the top rate from 35 percent to 15 percent and changing from seven to three categories.
The idea is to try to do something so every family in America gets tax relief, while at the same time simplifying the tax code, Rounds said.
“It really would reduce the paperwork,” he said.
The administration would keep mortgage and charitable tax deduction, while repealing the so-called death tax.
“That would really help a lot of our farm families,” Rounds said. “This would be a positive move forward for them.”