St. Cloud Chamber President Optimistic About Trump Tax Plan

ST. CLOUD - A big part of President Donald Trump's tax plan that he unveiled Wednesday includes slashing the corporate tax rate from 35 percent to 15 percent.

St. Cloud Area Chamber of Commerce President Teresa Bohnen says it sounds good on the surface, but the money to pay for government services has to come from somewhere.

It will be interesting to see the details, of course the devil is always in the detail.

Trump's argument is that if you cut the amount of taxes businesses pay, they'll be able to expand and hire more employees, which will make up for the 20 percent tax cut.

It should, that's what economic theory says.  But I do think it does bode well for businesses overall.

Top Trump administration officials insist the president's proposed tax plan will not add to the deficit.

Trump proposed a similar tax plan during his campaign. Some analyses of that plan estimated it would add trillions of dollars to the deficit over 10 years.

This story was written with information from the Associated Press.