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Thursday, August 11, 2022

U.S. Treasury estimates quicker growth from tax plan to yield $1.8 trillion in revenue

WASHINGTON (Reuters) – A tax overhaul bill passed by the U.S. Senate Finance Committee would lift economic growth enough to generate an additional $1.8 trillion in revenue over 10 years, more than enough to offset revenue lost from a cut in taxes, the Treasury Department estimated on Monday.

In a summary analysis of a white paper, the Treasury Department said it based its estimate on a presumed 0.7 percentage point increase to the U.S. economy’s annual growth rate.

The Treasury Department’s estimate compares to an analysis from the congressional Joint Committee on Taxation that suggested quicker growth spurred by the tax-cut plan would yield an additional $408 billion in revenue.

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Source: Investing.com

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