Donald Trump’s tax plan would add $9.5 trillion to the national debt from 2016 to 2026 and another $15 trillion in the following decade (before added interest), according to a new analysis by the Tax Policy Center.
Distributional estimates of Donald Trump’s tax plan.
While Republican presidential hopefuls were debating in Las Vegas, congressional leaders announced they had agreed to restore and extend dozens of special interest tax cuts—many permanently.
The presidential election is nearly a year away, but many candidates have already rolled out detailed tax reform plans. On the GOP side, we’ve seen proposals from Jeb Bush, Marco Rubio, Ted Cruz, and Donald Trump, among others.
Jeb Bush’s tax plan would boost deficits by $6.8 trillion between 2016 and 2026 and overwhelmingly benefit the highest income taxpayers, according to a new analysis by the Tax Policy Center. With added interest costs, the plan would boost the national debt by more than $8 trillion by 2026.
Republican presidential candidates say they want to slash the tax code. It is too big, too complicated, and too laden with provisions to help special interests. They are right.
The GOP presidential debates highlighted some important tax policy contrasts among the candidates. One thought refundable credits are conservative economic policy while another did not.
Both Bernie Sanders and Hillary Clinton recently proposed new Wall Street taxes, which reflect their strikingly different philosophies (and, perhaps, their different personalities).
Donald Trump says he’d eliminate the tax break on carried interest. What he doesn’t say is he’d give the investment managers who now benefit from that scheme an even bigger tax cut than they get today.