US President Donald Trump enacted the Republican tax bill after it was passed in chambers of Congress. The bill lowers the corporate tax rate to 21% from 35%.
President’s daughter Ivanka Trump said that she believes the tax cuts, combined with deregulation, will "ultimately eliminate" the country's debt accumulated over the past several decades.
CBO Director Keith Hall outlined projections of the costs associated with the adoption of the tax reform in its current form in a letter dated December 15, 2017 to House Ways and Means Committee Chairman Kevin Brady.
According to the estimates, the tax reform can increase deficit by $1.455 trillion over the next decade.
