Axios’ Mike Allen: “Donald Trump’s Tax Plan is a Disaster”
By Mike AllenPublished November 29, 2018 08:52:11A lot of people are trying to figure out if Donald Trump’s tax plan is a disaster or not.
His tax plan, in many ways, is a continuation of the same tax policy that Donald Trump proposed during the 2016 presidential election campaign.
He proposes a massive cut to individual and corporate income tax rates, and also proposes to eliminate many deductions and loopholes.
There’s also a proposal to eliminate the estate tax, and Trump has promised to raise taxes on the middle class and those with investments.
Here are five things you need to know about Donald Trump and his tax plan.
Trump’s tax policy would significantly lower the amount of money that Americans can deduct from their taxes.
The idea of a lower tax rate is popular among Republicans, but Democrats and even some conservative Republicans disagree.
The Tax Policy Center, which has long been one of the most reliable sources of economic analysis, found in a recent study that the tax cut would result in about $5 trillion in economic growth over the next decade.
The Tax Policy Council, a Washington-based think tank that has a long history of analyzing tax policy, estimated that eliminating the estate and other tax breaks could increase revenue by $5.5 trillion.
In other words, the tax cuts would add up to $1.5 to $2 trillion in additional revenue, according to the Tax Policy Policy Council.
That means the Trump tax plan would add about $4 trillion to the national debt over the decade.
Trump has made tax reform his signature issue since he announced his presidential bid in 2015.
During the campaign, he proposed slashing taxes on all Americans, but he has since said he is open to raising them on the wealthy and corporations.
Trump also has said he wants to lower taxes on business income and on capital gains.
Trump proposed eliminating the state and local tax deduction, but a study released in November found that it could add $1 trillion to state and federal revenues over the coming decade.
The tax cuts for individuals and businesses would add another $1,000 to those tax cuts, according the study.
According to the nonpartisan Tax Policy Centre, eliminating the personal exemption, which is a tax credit for low-income people, would add $4.2 trillion to tax revenue over the long term.
The Congressional Budget Office has also estimated that Trump’s plan could add another 1.6 trillion to federal debt over 10 years.
Trump, however, has not released his tax returns, and many Republicans have not taken the president’s word for it that his plan will lead to revenue increases.
The nonpartisan Tax Foundation estimated in a December study that cutting taxes on individuals would lead to a $2.2trillion boost in economic activity over 10 to 20 years.
The Congressional Budget Actuary estimated in January that eliminating or substantially reducing the estate or other tax deductions would increase revenues by $1trillion over 10 year periods.
A similar analysis by the Tax Foundation estimates that cutting the tax on corporate income could add about 2.5trillion to the nation’s total debt over a decade.
That’s not to say that cutting those tax breaks would lead the economy to expand.
Trump has proposed reducing the tax deductions for mortgage interest, charitable contributions, and state and national sales taxes, and has said that he wants the top tax rate to be at 15 percent.
The nonpartisan Tax Institute estimated that by 2025, cutting the corporate tax rate would add more than $3 trillion to GDP over 10-year periods.
It estimates that by 2027, cutting corporate taxes would add a total of about $2tn to GDP.
And the CBO estimated in its own estimates that Trump would reduce taxes on businesses by $2trillions over the following decade.
According to the Congressional Budget and Policy Center in October, reducing the corporate income and corporate tax rates by at least 10 percent over the 10 years would add between $500 trillion and $1tn to the debt.
The CBO also found that Trump could eliminate many tax deductions and deductions without adding any revenue.
A recent study by the Joint Committee on Taxation estimated that repealing the mortgage interest deduction would add around $200 trillion to debt over 20 years, adding $4tn to overall economic growth.
That’s not including the $1-trillion that Trump himself could add to the deficit if he does not reduce taxes.
The bottom line: Trump’s economic plan is an economic disaster.
That fact is likely to be a point of contention between Democrats and Republicans who are already calling for the president to release his tax return.