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

    成人免费看的视频| 成人毛片老司机大片| 欧美一区二区三区公司| 日韩成人av影视| 欧美精品九九99久久| 老鸭窝一区二区久久精品| 亚洲精品一线二线三线| 国产精品88av| 国产精品久久久久久久午夜片| 91在线你懂得| 亚洲国产成人porn| 日韩欧美一级精品久久| 国产一区二区女| 国产精品国产三级国产三级人妇 | 麻豆精品久久久| 久久久久国产成人精品亚洲午夜 | 在线欧美一区二区| 日韩精品久久久久久| 26uuu精品一区二区在线观看| 国产成人福利片| 亚洲乱码一区二区三区在线观看| 欧美日韩中文字幕一区二区| 久久精品国产77777蜜臀| 中文字幕亚洲一区二区av在线| 欧美日韩中文一区| 国产永久精品大片wwwapp| 亚洲欧洲成人精品av97| 欧美精品自拍偷拍| 国产精华液一区二区三区| 一区二区三区高清| 91精品国产色综合久久ai换脸| 国产美女娇喘av呻吟久久| 一区视频在线播放| 欧美男男青年gay1069videost| 捆绑调教一区二区三区| 亚洲欧洲另类国产综合| 911精品产国品一二三产区| 国产福利视频一区二区三区| 亚洲国产精品一区二区www在线| 欧美tickle裸体挠脚心vk| 99精品视频在线播放观看| 日本成人中文字幕在线视频| 国产精品视频在线看| 欧美久久久久久蜜桃| 成人av综合在线| 麻豆免费看一区二区三区| 亚洲视频一区二区在线观看| 日韩女优av电影| 91婷婷韩国欧美一区二区| 91国产免费观看| 青青草成人在线观看| 国产精品国产自产拍在线| 欧美老肥妇做.爰bbww视频| 成人永久aaa| 日韩国产高清影视| 中文字幕一区二区视频| 日韩精品一区二区在线| 99精品视频一区二区三区| 久久99国产精品成人| 亚洲妇熟xx妇色黄| 中文一区在线播放| 欧美mv日韩mv国产网站| 欧美视频一区在线| voyeur盗摄精品| 免费三级欧美电影| 亚洲一级二级在线| 国产精品天干天干在线综合| 欧美日韩1234| 91麻豆精品一区二区三区| 国产精品影视在线观看| 天天综合天天综合色| 亚洲少妇30p| 国产亚洲一区字幕| 日韩一区二区三区电影| 欧美久久免费观看| 欧洲视频一区二区| 色综合天天综合网国产成人综合天| 国产a精品视频| 黄网站免费久久| 日韩av一二三| 视频一区二区国产| 亚洲美女视频在线| 亚洲私人影院在线观看| 国产精品乱码久久久久久| 精品国产自在久精品国产| 欧美日韩黄视频| 在线看国产一区| 91久久一区二区| 91首页免费视频| 本田岬高潮一区二区三区| 国产福利一区二区三区| 国产尤物一区二区在线| 欧美96一区二区免费视频| 午夜不卡av在线| 亚洲午夜精品一区二区三区他趣| 亚洲人成小说网站色在线| 国产精品护士白丝一区av| 欧美激情在线一区二区三区| 久久久久成人黄色影片| 久久精子c满五个校花| 精品国产伦理网| 欧美精品一区二区不卡| 337p日本欧洲亚洲大胆精品| 精品国产凹凸成av人网站| 欧美电影免费观看高清完整版在线 | 一本久久精品一区二区| av男人天堂一区| 99久久免费精品高清特色大片| 成人av电影在线观看| 99久久精品国产网站| 91影视在线播放| 97se亚洲国产综合自在线| 99久久99精品久久久久久 | 欧美激情自拍偷拍| 久久久精品日韩欧美| 久久免费的精品国产v∧| 精品av久久707| 久久久精品欧美丰满| 国产三级欧美三级| 国产精品三级av在线播放| 国产精品女人毛片| 日韩美女视频一区二区| 亚洲精品日产精品乱码不卡| 亚洲一卡二卡三卡四卡五卡| 青娱乐精品视频| 国产在线视频精品一区| 国产盗摄精品一区二区三区在线 | 日韩精品中午字幕| 久久久精品国产免大香伊| 国产精品每日更新在线播放网址| 亚洲日本欧美天堂| 视频在线在亚洲| 国内精品在线播放| 成人动漫中文字幕| 欧美午夜精品理论片a级按摩| 91精品国产91久久综合桃花| 久久午夜羞羞影院免费观看| 国产精品成人网| 亚洲国产aⅴ成人精品无吗| 美腿丝袜在线亚洲一区| 懂色一区二区三区免费观看| 91福利精品视频| 日韩欧美另类在线| 国产精品免费av| 亚洲国产婷婷综合在线精品| 久久精品国产一区二区三| 成人一级片网址| 欧美色图一区二区三区| 欧美xxxx在线观看| 《视频一区视频二区| 五月天国产精品| 国产成人在线观看| 欧美在线免费视屏| 精品国产乱码久久久久久蜜臀| 一区在线播放视频| 免费成人你懂的| 暴力调教一区二区三区| 884aa四虎影成人精品一区| 国产欧美日韩综合精品一区二区| 一区二区三区精品在线| 久久66热re国产| 一本久久精品一区二区| 精品国产乱子伦一区| 一区二区三区资源| 激情综合一区二区三区| 色偷偷88欧美精品久久久| 精品少妇一区二区三区在线视频| 最新日韩av在线| 久久超级碰视频| 91成人免费网站| 国产性做久久久久久| 亚洲成人在线观看视频| 高清成人免费视频| 欧美久久久久久久久| 亚洲欧洲三级电影| 国产真实乱子伦精品视频| 欧美丝袜自拍制服另类| 国产精品天天看| 久久99久久99小草精品免视看| 日本高清成人免费播放| 久久久久国产精品人| 日韩av二区在线播放| 色中色一区二区| 国产拍欧美日韩视频二区| 日本不卡中文字幕| 一本久道久久综合中文字幕| 久久女同精品一区二区| 丝瓜av网站精品一区二区| 91啪亚洲精品| 亚洲国产精品ⅴa在线观看| 男人的天堂久久精品| 欧美在线色视频| 亚洲欧美自拍偷拍| 国产精品12区| 欧美大片国产精品| 午夜精品一区二区三区三上悠亚| 99精品欧美一区二区三区小说 | 国精品**一区二区三区在线蜜桃| 欧美日韩精品一区二区天天拍小说 | 精油按摩中文字幕久久|