Would Add Trillions to Deficit
Gary Cohn, the Director of the National Economic Council, and Treasury Secretary Steve Mnuchin have just outlined President Donald Trump’s tax plan. While claiming they’ve been working on it for a long time, they’ve managed to outline it on a single page of paper.
The tax code is massive. Changing it to a one-page document is not practical.
As it is, studies show the Trump tax plan, just the portion that lowers the corporate rate to 15%, will add “$2 trillion dollars over a decade” to the deficit.
Here’s a quick overview of what’s just been announced:
- Elimination of all personal tax deductions other than mortgage and charitable giving
- Standard deduction doubles.
- Estate tax disappears.
- Business tax rate drops to 15%.
- Individual tax brackets drop to 10%, 25%, 35%.
Asked how a family of 4 making $60,000 a year would be affected, Secretary Mnuchin and Director Cohn couldn’t answer.
Mnuchin says this will pay for itself. That’s flat-out false:
Reporters asked many questions about how this will affect President trump. They refused to answer.
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