Make wishtv.com your home page

Experts weigh in on Trump tax reform

INDIANAPOLIS (WISH) – The Trump Administration is proposing tax reform that would include some major tax breaks, especially for corporations.

Experts say it still could be too soon to tell how President Trump’s tax reform could impact people and businesses here in Indiana.

Antony Page, Vice Dean and Professor of Law at IU McKinney School of Law said there are a lot of unanswered questions and he stopped short of calling Wednesday’s announcement a “plan.”

“It is just one page, so it is sort of a set of guidelines, or hopes might be another way of characterizing it,” said Page.

President Trump’s tax reform aims to reduce the number of tax brackets from seven to three. As to whether that will help or hurt you, Page says it’s too soon to tell.

“It really depends on where the tax brackets lie and how they actually handle the deductions and the exemptions,” said Page.

He says the proposal will help the wealthy. It is also facing some criticism.

“The estimates that I’ve seen is that this is going to cost anywhere from $2 trillion to $6 trillion,” said Page.

The budget director at the White House says lower tax rates, especially for corporations, will help spur economic growth. Some question if that growth will be enough.

“When there are tax cuts, unless you also end spending, that’s likely going to result in an increase in the deficit and an increase in the national debt,” said Page.

More details are expected to be announced in the next several weeks. Experts say it will be much easier to analyze then.

Never miss another Facebook post from WISH-TV