Fox Business Sunday’s Carl Quintanilla talks with the president of the Chamber of Commerce, Kevin McCarthy, and how the Chamber is making progress.
The Chamber is on pace to report $7 billion in new economic activity in 2021, a record year.
But while the chamber says the data is improving, there are some concerns.
For example, it says the number of people without health insurance fell by 20% in 2021 from the prior year.
The chamber said it expects the number to fall again by 30% this year.
And while the percentage of Americans without health care dropped from 20% to 16% this past year, the chamber said that trend is likely to be reversed by 2021.
McCarthy said that the Chamber and the White House are committed to increasing the number and quality of job creation and that we’re in the process of establishing a working group to review the data and to identify any data gaps that may exist.
It will be important to understand the nature of the data, what the challenges are, and then to make sure that we can make improvements, he said.
What’s driving the economy?
Trump’s economic agenda includes tax cuts for businesses, infrastructure spending, and infrastructure spending.
He wants to boost the nation’s gross domestic product (GDP) to at least 3% in 2022.
Trump has made a number of promises about tax reform.
The Chamber of Business has called for a tax code overhaul that could generate as much as $3 trillion in economic growth and provide middle-class families with more opportunities.
And McCarthy said he hopes the chamber’s proposals will be included in the tax bill.
In his State of the Union address, Trump called for an end to the “broken tax code,” but also said that “we can’t continue to create a tax system that allows businesses to pay a tax rate of 10% to the top, while the middle class pays only 4%.
We must get rid of the top rate and start over from the bottom,” he said, adding that he wanted to do that by lowering rates on capital gains and dividends.
But the chamber is also skeptical about the administration’s plans.
It worries that some of the tax changes it’s supporting will not pay for themselves, or they may spur corporations to raise their taxes in order to pay for the benefits of the plan.
And the chamber believes that the administration could cut taxes for wealthy individuals and businesses by $1 trillion over 10 years if it didn’t plan for this scenario.
McCarney said that he thinks the administration will get the data it needs to make those decisions, but that it will be difficult to achieve the desired results without a major tax cut.
“We don’t believe that a tax cut will get you through to the middle of the next decade,” he added.
“And we’re not optimistic that it can get us through to 2021,” he continued.
“I think we need to have a big, sweeping tax cut.”
So what’s the plan?
There’s a big debate over what to do with the revenue that has been raised by the tax cuts, and what to put it toward.
The administration has proposed $3.5 trillion in tax cuts over 10 to 12 years, which would give Americans a combined $1,600 on average a tax break.
But some economists have suggested that this is a false promise.
They argue that the real tax cuts will come from the elimination of deductions and credits that are often used by wealthy Americans, as well as the repeal of the estate tax, which has been a major driver of economic growth.
There are also some concerns about what the president is proposing.
The Chamber’s new economic data report says that it expects that tax reform would add an additional $3 billion to the nation-wide economy.
But it also says that the tax reform plan will create a lot of new jobs in the short term.
But the chamber also says it’s concerned about the lack of detail in the White