At first, a lot of people had a lot of praise for Donald Trump’s “populist” tax plan that would drop the federal income tax rate for certain earners to 0% and even cut taxes for “hedge fund guys.” However, the nonpartisan Tax Foundation recently crunched the numbers, and they found that Trump’s tax plan would add a whopping $10 TRILLION to the national debt over a decade.
To put that in perspective, Obama has added $9 trillion to the debt since taking office. Trump’s plan would do even more damage:
To be clear, that’s after accounting for the increased economic growth that Trump’s plan would spur—and it would spur a lot of growth, raising the gross domestic product by 11 percent (or about $3 trillion) in year-10 compared to what it otherwise would have been, according to the scoring. In “static scoring,” which doesn’t take into account tax cuts’ effect on growth (and hence is of rather limited use), Trump’s plan would reduce revenues by $12 trillion. The economic growth and corresponding tax revenues that his plan would generate would decrease that shortfall by about $2 trillion, to $10.14 trillion, but that’s all.
The hope would be that a good conservative tax plan would cut taxes, spur growth, and over time create enough growth that it would actually generate more tax revenue than would have been generated without the tax cut. Trump’s plan would fall an estimated $10,140,000,000,000 short of that goal.
Actually, the plan’s effects on the debt would be even worse than that. The Tax Foundation writes, “The plan would also result in increased outlays due to higher interest on the debt,” creating a 10-year deficit “somewhat larger” than $10.14 trillion.
In other words, Trump’s tax plan is not a good conservative tax plan, just like Trump himself is not a good conservative candidate. I think it’d be a stretch to even call him a RINO.