Report: House Republican Tax Plan Would Create 1.7 Million Jobs

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Free Beacon:

The House Republican tax reform plan introduced by Speaker Paul Ryan (R., Wis.) would create 1.7 million jobs, increase the nation’s GDP, and increase after-tax income for all Americans, according to an analysis from the Tax Foundation.

 

The plan would simplify the tax code so that it could fit on a postcard, and lowers marginal tax rates on wage, investment, and business income. It also broadens the tax base, lowers the corporate income tax rate to 20 percent, and eliminates federal estate and gift taxes.

 

“Our analysis finds that the House Republican tax plan would reduce federal tax revenue by $2.4 trillion over the next decade,” the report states. “We estimate that the plan would boost long-run GDP by 9.1 percent. The larger economy would translate into 7.7 percent higher wages and result in 1.7 million more full-time equivalent jobs. Due to the larger economy and the broader tax base, the plan would reduce revenue on a dynamic basis by $191 over the next decade.”