New Tax Plan To Result In Estimated Revenue Losses Of Up To $120 Billion In US

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A new tax plan will result in estimated revenue losses of up to $120 billion in the United States.

Revenue Losses
A new tax plan will result in estimated revenue losses of up to $120 billion in the United States. (Photo: Restic Magazine)

United States to Expect to Lose Billions of Tax Revenue Following New Tax Plan

Under the new tax plan, the United States expects to lose tax revenue of up to $120 billion despite its aim to have different parts of the country adopt to the changes.

According to reports from Just The News, the new tax plan will reportedly aim to add tax revenue yearly to eligible establishments with income of over $800 million; however, if the new tax plan is adopted to different parts of the world, there will be higher tax rate for eligible enterprises.

Despite the new tax plan reportedly will become a lose-lose negotiation, the administration was determined to push the additional tax revenue for the eligible enterprises as they believed that it would help in economic growth.

READ ALSO: IRS Funding Cut Could Cost Government Billions In Revenue, Study Finds

New Tax Plan Will Eventually Result in Revenue Losses and Financial Disaster for the United States

Following the introduction of the new tax plan, various analyses resulted in worst-case scenarios if the US or other countries will adopt the plan, including a massive revenue loss and a financial disaster that awaits.

However, despite the expected negative results, the administration claimed they would still gain revenue with the right regulations.

READ ALSO: GOP House Republicans Unveil Plan For Billions In Tax Cuts Following Debt Limit Battle

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