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Article snippet: With the release of an ambitious overhaul of the tax code, House Republicans are moving to fulfill a long-held desire of corporate America: a large and audacious tax cut. Yet economists are divided over whether the plan is likely to revitalize the economy or merely bestow a windfall on the wealthiest investors. Even before President Trump vowed as a candidate to sharpen America’s competitive edge, Republicans led by the House speaker, Representative Paul D. Ryan of Wisconsin, were arguing that large tax cuts would unleash a hurricane of economic activity. “With this plan, we are making pro-growth reforms, so that yes, America can compete with the rest of the world,” Mr. Ryan told reporters Thursday on Capitol Hill. “This is a very important and special moment for our country, for all Americans.” Economists are still parsing the details, but even some ardent supporters of the plan say expectations about heady growth and job gains are exaggerated. Interest rates are already at bargain-basement levels, plenty of potential investment capital is sloshing around, and the official jobless rate is at lows not seen in many years. Moreover, the cost of the tax package will inevitably deepen the deficit and lead to spending cuts that are likely to hit low- and middle-income workers. “It’s hard to see the stimulative benefit on the economy,” said Lawrence H. Summers, a Treasury secretary under President Bill Clinton. “Most of the benefits as best I can tell will go to wealth... Link to the full article to read more