President-elect Donald Trump’s proposals to cut taxes on corporations and personal income will boost economic growth, according to a new report from the World Bank Group.
Trump has proposed cutting the corporate tax rate from its current level of 35 percent to 15 percent, with the intention of bringing jobs back to the United States.
The World Bank Group estimates that this cut alone would boost U.S. gross domestic product growth by roughly 0.9 to 1.3 percentage points over eight quarters.
Trump has also indicated he would cut personal income taxes for all Americans, reduce the number of individual tax brackets from seven to three, and change the structure of tax deductions.
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