BlackRock's Fink Says Trump's Tax Plan Must Be Amended

The video discusses the Trump administration's proposed tax reforms, highlighting potential impacts on the economy, state liabilities, and retirement savings. Concerns about growing deficits and foreign ownership of U.S. debt are raised, emphasizing the need for mindful economic growth. Suggestions for tax reform adjustments include reconsidering the elimination of state tax deductibility and adjusting corporate tax rates.

What is one of the main concerns about the proposed tax reform regarding state and local taxes?

• It will reduce corporate tax rates.

• It may harm major states economically.

• It will eliminate retirement savings.

• It will increase federal taxes.

What is a significant worry related to the U.S. deficit and foreign debt ownership?

• China and Japan may reduce their ownership of U.S. debt.

• The U.S. will become debt-free.

• Foreign countries will increase their debt to the U.S.

• The U.S. will have no foreign debt.

What is a potential solution to address the deficit while implementing tax reform?

• Reduce state taxes to zero.

• Increase personal income tax rates.

• Eliminate all taxes.

• Increase corporate tax rates slightly.

Why is economic growth crucial in the context of the proposed tax reform?

• To offset the potential increase in the deficit.

• To ensure the tax reform is budget neutral.

• To reduce the need for foreign debt.

• To eliminate the need for corporate taxes.

What historical example is mentioned in relation to the proposed tax reform?

• The tax reform during the Obama administration.

• The tax reform during the Clinton administration.

• The tax reform during the Bush administration.

• The tax reform during the Reagan administration.