Local Officials React To Trump’s New Tax Plan

CHARLOTTE, NC — On Wednesday, the Trump administration rolled out a new plan to cut taxes, but many still wonder how it will impact the U.S. deficit.

The proposal cuts the corporate tax rate from 35% to 15%, and calls for the reduction of individual tax brackets from seven to three. Officials say the plan will also eliminate the estate tax.

While the debate still rages over the proposed plan, some financial experts like Marsha Barnes, founder of The Finance Bar, says she is encouraged by what the plan could do for small business.

Rep. Robert Pittenger (R) is also optimistic about the plan because he says it will allow hardworking taxpayers to keep more of their money to invest, and the tax breaks for businesses will mean more profits for them to invest and create jobs.

Democrats like Rep. Alma Adams however, say that the plan is “just another haphazard stunt that leaves Congress and the American people in the dark.”