Republican presidential candidate Donald Trump recently boasted about how his tax plan would help low-income and middle-income Americans and improve the economy. However, some believe his tax plan would serve to increase the national debt.
Part of Trump’s tax plan calls for a decrease of the top income tax rate from 39.6 percent to 25 percent. The plan would decrease the corporate tax from 35 percent to 15 percent. The Tax Foundation, a conservative think tank, conducted an analysis of Trump’s tax plan and found that it would increase the incomes of the top one percent of taxpayers by 21.8 percent.
Not only would Trump’s tax plan increase income inequality, but the national debt would skyrocket as a result. The current national debt is just over $13 trillion. Trump’s tax plan would add $12 trillion over the next 10 years.
The Tax Foundation also noted that Trump’s plan, based on the idea that it will make up for lost federal revenue by closing tax loopholes, is mathematically impossible. The Tax Foundation is a Koch-funded conservative group. This is more proof that the Trump is all talk.
For more on this story, visit the Huffington Post “Donald Trump’s Tax Plan Could Balloon The Debt By 75 Percent.”