久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

USEUROPEAFRICAASIA 中文雙語Fran?ais
Opinion
Home / Opinion / Op-Ed Contributors

Trump's tax reform raises many questions

By Yu Xiang | China Daily | Updated: 2017-05-23 07:00

Trump's tax reform raises many questions

US Secretary of the Treasury Steven Mnuchin discusses the Trump administration's tax reform proposal in the White House briefing room in Washington, US, April 26, 2017. [Photo/Agencies]

News reports on US President Donald Trump's tax reform have focused on the tax cuts, but there is more to it than just that. Trump's tax reform can be divided into four main parts: tax cuts, simplification of the taxation process, fixing the loopholes in the system, and a shift toward a territorial tax system that taxes domestic income but not foreign income.

Trump's tax plan is aimed at cutting taxes while keeping the revenue neutral by fixing the loopholes in the system and shifting to a territorial, even a border adjustment tax, system.

Since Trump's tax reform is aimed at revitalizing the United States economy, the business community has welcomed it. The business community's positive response was reflected in the Goldman Sachs index, which dramatically increased after Trump made the announcement.

Those opposed to Trump's plan say the tax reform would increase the federal budget deficit. While the US Tax Policy Center estimates the tax reform would increase the federal debt by $7 trillion in the first decade, the Center for a Responsible Federal Budget says it would raise the deficit by about $5.5 trillion over the same period.

But the government's fiscal loss will benefit non-government players. And even if a couple of trillions of that money trickle back into businesses, the US economy will benefit greatly.

The impact of Trump's tax reform will be felt far beyond the US; it is already having a spillover effect on other countries. If the US really reduces corporate tax to 15 percent, it will be lower than even those in low-tax economies. And lower tax rates will attract more enterprises, capital and high-end talent to the US.

But to offset the impact of Trump's tax reform, other economies may also reduce their tax rates, leading to a global race to cut taxes, as happened in 1981 when former US president Ronald Reagan reduced the tax rates.

China is also promoting tax reform, but that is more to meet its own economic development needs. In the Government Work Report, Premier Li Keqiang has said the reduction in tax and fees this year will add up to 1 trillion yuan ($145.1 billion). On April 19, China's State Council executive meeting announced that companies' tax burden will be reduced by more than 380 billion yuan and fees by 200 billion yuan this year. China's tax reform will boost enterprises' profits, a large percentage of which is expected to flow back into businesses and boost the economy.

Trump's tax reform plan has several problems. First, can Trump give a concrete shape to his tax reform framework? His reform plan, listed in points, is more of a wish list than an actual set of proposals. The details are still to be filled in. For example, it aims to subsidize childcare, which can be done in many ways. And the reform framework doesn't specify which one or ones the Trump administration has in mind.

Second, is Trump's plan permanent or temporary? Companies will make long-term investments and hire more workers only when they have a permanent plan to work on.

Third, when Trump decides to implement his tax reform plan, other countries will respond by cutting their taxes even more, which will make Trump's policy less attractive to investors, thus drying up investments and failing to boost the economy. So, the extent to which other countries cut their taxes will be a very important influencing factor.

Fourth, what is the balancing point between stimulating the economy and realizing social fairness? Many experts say Trump's tax plan will hurt low-income households the most. In October 2016, the Tax Policy Center estimated that Trump's plan will increase after-tax income for the top 1 percent US households by more than 14 percent compared with the less than 1 percent increase for the lowest quintile.

Trump's plan is not a solution to the social unfairness in the US, because it can propel economic growth only in the short term. The final version of Trump's tax reform plan depends on how well he and Capitol Hill weigh the pros and cons of tax cuts.

The author is a research fellow and director of the Division of American Economic Studies at the Institute of American Studies, China Institutes of Contemporary International Relations, and a visiting scholar at Harvard University.

Most Viewed in 24 Hours
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
久久久无码人妻精品无码_6080YYY午夜理论片中无码_性无码专区_无码人妻品一区二区三区精99

    又大又硬又爽免费视频| 久久精品久久99| 天天看片天天操| 亚洲精品蜜桃久久久久久| 不卡av免费在线| 天堂8在线天堂资源bt| 亚洲欧美在线精品| 91免费黄视频| 久久出品必属精品| 亚洲精品高清无码视频| 免费一级特黄毛片| 中文字幕55页| 成人性生交免费看| 成年人视频在线免费| a天堂资源在线观看| 中文字幕1234区| 久久久久久三级| 国产视频一视频二| 国产精品va在线观看无码| 在线观看国产福利| 超碰av在线免费观看| 日本免费不卡一区二区| 国产亚洲精品久久久久久久| 五月婷婷丁香色| 日日碰狠狠躁久久躁婷婷| 成年人午夜免费视频| 91大学生片黄在线观看| 91福利免费观看| 国产wwwxx| 蜜臀久久99精品久久久酒店新书 | 美女喷白浆视频| 一女被多男玩喷潮视频| 精品视频在线观看一区二区| 色中文字幕在线观看| 91精品999| 国内av一区二区| 日本不卡一区二区在线观看| 激情网站五月天| 色综合av综合无码综合网站| 人妻久久久一区二区三区| 狠狠干视频网站| www.黄色网址.com| 三年中文高清在线观看第6集| 亚洲精品久久久久久宅男| 美女喷白浆视频| 中文字幕永久视频| 久久久国产欧美| 第四色婷婷基地| 久久久久久久高清| 中文字幕日韩久久| 26uuu成人| 一级黄色片播放| 中文字幕第50页| 中文字幕色呦呦| 污污污污污污www网站免费| 亚洲啊啊啊啊啊| 久久男人资源站| 国产人妻777人伦精品hd| 免费观看美女裸体网站| 国产男女无遮挡| a在线观看免费视频| 中文字幕 欧美日韩| 久久精品视频在线观看免费| 黄色免费高清视频| 无码熟妇人妻av在线电影| xxxx18hd亚洲hd捆绑| 日本一本二本在线观看| 欧美性猛交久久久乱大交小说| 男人女人黄一级| 亚洲精品中文字幕乱码无线| 亚洲 欧洲 日韩| 日本大片免费看| 国产日产欧美视频| 91国产精品视频在线观看| 国产精品亚洲天堂| 男人添女人荫蒂免费视频| 成人综合视频在线| 免费一级特黄录像| 免费观看黄色的网站| 国产真人做爰毛片视频直播| 精品久久久久久无码国产| 五月天激情播播| www.18av.com| 欧美精品aaaa| 97精品国产97久久久久久粉红| 九九爱精品视频| 自拍偷拍一区二区三区四区| 日本大胆人体视频| 免费黄色特级片| 国产免费一区二区三区四在线播放| 免费拍拍拍网站| 免费看污黄网站| 蜜臀av性久久久久蜜臀av| 久草资源站在线观看| 福利片一区二区三区| 超碰人人爱人人| 精品久久久久久久无码| 一本二本三本亚洲码| 午夜精品久久久内射近拍高清| 波多野结衣在线免费观看| 精品中文字幕av| 欧美日韩在线免费观看视频| 男人操女人免费软件| 最新中文字幕久久| 亚洲熟妇av一区二区三区| 二级片在线观看| 激情五月亚洲色图| 欧美黑人在线观看| 国内自拍第二页| 国产综合免费视频| 亚洲精品少妇一区二区| 久久久久国产一区| 欧美一级欧美一级| 欧美视频国产视频| 久久久久久久少妇| 国产日韩欧美精品在线观看| 国产在线视频三区| 国产三级日本三级在线播放| 日韩精品一区在线视频| 51自拍视频在线观看| 亚洲黄色a v| 日本一道本久久| 蜜臀av.com| 一区二区在线免费看| 凹凸国产熟女精品视频| 男人天堂av片| 成人免费看片视频在线观看| 九九九九九伊人| 精品少妇无遮挡毛片| 成熟了的熟妇毛茸茸| 日韩精品一区二区免费| 男女啪啪的视频| 亚洲精品在线视频播放| 最新中文字幕免费视频| 久久网站免费视频| 久久久性生活视频| 男女啪啪免费观看| 国产精品嫩草影视| 色天使在线观看| 国产精品区在线| 蜜臀av免费观看| 天美星空大象mv在线观看视频| 97成人在线观看视频| 黄色一级片播放| 国产一区二区视频播放| 国产精品久久久久久久乖乖| 久久亚洲a v| 一二三四中文字幕| 超薄肉色丝袜足j调教99| 波多野结衣三级在线| 亚洲自拍第三页| 亚洲热在线视频| 国产一区一区三区| 国产精品久久成人免费观看| 久久精品国产99久久99久久久| 九九热精品国产| 青青草久久伊人| √天堂资源在线| 亚洲一二三不卡| 秋霞在线一区二区| 干日本少妇视频| 国产精品日韩三级| 一二三四视频社区在线| 国产午夜福利在线播放| 日本在线视频www| 69久久久久久| 中文字幕在线视频一区二区三区| 成人性生交视频免费观看| 精品日韩在线播放| 欧美一区二区三区综合| 人人干视频在线| 37pao成人国产永久免费视频| 一级黄色香蕉视频| 伊人色在线观看| 日本精品免费视频| 日韩欧美国产综合在线| 怡红院av亚洲一区二区三区h| 不要播放器的av网站| 免费看污黄网站| www.色.com| 日本精品久久久久久久久久| 能在线观看的av| 手机av在线免费| 亚洲激情免费视频| 日本一道本久久| 激情视频免费网站| 400部精品国偷自产在线观看| 蜜臀av无码一区二区三区| 午夜视频你懂的| 国产高清免费在线| 免费成人午夜视频| 91福利国产成人精品播放| av磁力番号网| av免费中文字幕| 三级黄色片免费观看| 久久久久免费看黄a片app| 99热一区二区| 91.com在线| 韩国中文字幕av| 国产欧美精品aaaaaa片|