Could Trump's Tax Bill Make U.S. More Competitive?

U.S. President Donald Trump is hell bent on passing a tax overhaul, in a bid to make U.S. companies more competitive and boost jobs, at a time when the economy has still not fully recovered from recession.

But the question remains, will it work?

"If you want to create jobs, you really have to have tax reform," Republican Strategist Ford O'Connell told Xinhua.

In 2014 the United States had the world's third highest corporate income tax rate, at 39.1 percent, and experts said that has stunted the nation's economic growth.

Trump wants to rectify this, but the stakes are high, as failure to pass tax legislation could cost his party control of Congress, and that would derail the businessman-turned-politician's presidency.

O'Connell said that with the right tax reforms, more companies will return, just as Broadcom has. However, West argued that "this move does not mean that other companies will do that."

"Democrats think that if the GOP loses on this, Republicans will lose the House," O'Connell said, explaining that it's Democrats goal to derail everything Trump does, in a bid to ultimately doom his presidency.

"Battle lines are being drawn," he said.

Some experts believe the president's bill will ultimately pass, although Trump will have to do some wheeling and dealing with Democrats.

"It's going to pass, but the question is when and whether it will be a GOP-only will, and whether Democrats will join in," O'Connell said.

Read more from Matthew Rusling at Xinhua 

Do you like this post?

Be the first to comment


Analysis & Political Strategy