WASHINGTON - President Donald Trump unveiled a one-page plan on Wednesday proposing deep U.S. tax cuts Jaleel Johnson Vikings Jersey , many for businesses, that would make the federal deficit balloon if enacted, drawing a cautious welcome from fiscal conservatives and financial markets.
While the proposed tax cuts would please those helped by them, such as multinational corporations and wealthy taxpayers, Trump's package fell far short of the kind of comprehensive tax reform that both parties in Washington have sought for years.
As his milestone 100th day in office on Saturday nears Pat Elflein Vikings Jersey , Trump has been scrambling to show progress on his agenda. The tax plan, though meager in detail, matched up closely with the promises he made during his victorious 2016 election campaign.
Investors, who had been awaiting tax-plan details for months, largely shrugged off the news Anthony Barr Vikings Jersey , with many saying it was still short on specifics and faced a long road to enactment. “Wake me up when something actually gets signed into law,” said Greg McBride, chief financial analyst at Bankrate in West Palm Beach, Florida
Only Congress can make major tax law changes, and Democrats immediately attacked the Republican president's plan as fiscally irresponsible.
"President Trump’s tax plan is short on details and long on giveaways to big corporations and billionaires Linval Joseph Vikings Jersey ," said Nancy Pelosi, the top Democrat in the House of Representatives.
House Speaker Paul Ryan, Senate Majority Leader Mitch McConnell and the top Republicans on the congressional tax-writing committees welcomed the Trump proposals, while leaving space for details to change as legislation evolves.
“The principles outlined by the Trump administration today will serve as critical guideposts" as Congress and the administration work on tax changes, they said in a statement.
U.S. stocks pared gains on Wednesday after the plan was unveiled. While Wall Street has been optimistic about the prospect of corporate tax cuts since Trump's election in November Teddy Bridgewater Vikings Jersey , the stocks rally has stalled lately because of a lack of clarity about Trump's policies and concern over his failure to push through a healthcare bill.
The benchmark Dow Jones industrial average of blue-chip stocks <.DJI> on Wednesday closed down one-tenth of 1 percent.