Donald Trump’s plans to slash corporate taxes in the United States have sparked concerns of a new global fiscal race to the bottom, possibly involving a wave of negative social consequences, experts say.

In what Trump’s economic advisor Gary Cohn described as “the most significant tax reform legislation since 1986, and one of the biggest tax cuts in American history,” the White House plans to dramatically cut taxes for US businesses and individuals, slashing the corporate rate from a top rate of 35 percent to 15 percent.

The aim, according to US Treasury Secretary Steven Mnuchin, is to “bring back trillions of dollars that are offshore to be invested here in the United States” and create jobs.

Trump’s goal is for the reforms to propel the US economy to three percent annual growth.

But the long-anticipated overhaul — details of which remained unclear beyond a handful of headline measures — could face stiff opposition in Congress, including from some Republicans, with lawmakers sharply divided over the prospect of fuelling already-rising deficits.

– ‘Enormous impact’ –

And the plans have also raised eyebrows at NGOs and non-profit organisations.

They could accelerate “the race to tax competition on an international level and all of us will pay the price,” Oxfam spokeswoman Manon Aubry told AFP.

“When the world’s most powerful country decides to slash tax revenues as much as this, a number of other countries may follow suit, bringing with it imbalances that will have enormous impacts on our societies,” she said.

Falling tax revenues would make it harder for governments to pay for welfare, healthcare and other benefits without going too deep into the red, she said.

Interesting Read…

See Also:

#NotFondOfTrump After 100 Days

Trump critics freak out over ‘Loyalty Day’ declaration

Trump Ridicules Media at Pennsylvania Rally: ‘They Deserve a Big, Fat Failing Grade’

Trump Is More Trusted than Political Media

Trump urged to nominate more than 100 federal judges … now

Trump: ‘Illegal Immigration Down by Unprecedented 73%’

EPA scrubs climate change information from website

The People’s Climate March – AKA Watermelons’ War on Capitalism – In Pictures

Pence christens new attack submarine, urges Congress to boost defense spending

North Korea launches new missile. US sabotages

North Korea leader Kim Jong-un ‘would unleash 500,000 strong army of female soldiers’

Trump ‘preparing SHOW OF FORCE’ after North Korea’s latest missile test, official claims

‘This keeps me up at night’ Trump’s security chief reveals the NEXT TARGET for terrorists