News & Information

Who Will Benefit from Trump Tax Cuts?

Top of Mind with Julie Rose
  • May 2, 2017 11:00 pm
  • 15:35

Guest: Jay Zagorsky, PhD, Economist and Research Scientist, The Ohio State University Tax cuts are one of President Donald Trump’s main promises and about a week ago we got the broad outlines of what he’s got in mind. The big news is that Trump would like to slice the corporate tax rate in half. Trump believes a lower rate will give companies more money to invest in growing their business and make America more attractive to international companies accustomed to the lower corporate tax rates in other countries. The focus on corporate taxes gives the impression that businesses are the biggest contributor to the US government’s tax coffers. But, they aren’t. Not by a long shot. And the largest sources of federal tax revenue may surprise you. Or maybe not, if you’re still smarting from filing your income taxes last month.