September, 28 2015, 03:45pm EDT
Trump Tax Plan Would Cost More than $10 Trillion Over 10 Years
WASHINGTON
Donald Trump released a tax plan today that is missing some details. But a preliminary analysis of the plan by Citizens for Tax Justice finds that it would cost more than $10 trillion in its first decade. The plan would reduce taxes on all income groups, but by far the biggest beneficiaries would be the very wealthy.
Following is a statement about the plan by Robert McIntyre, director of Citizens for Tax Justice:
"Yet another presidential candidate is making a mockery of populism by trumpeting a massive tax break for the rich as a plan that will benefit average Americans. The top one percent of Americans will receive an average tax break of $184,000 per year while the bottom 20 percent will receive an average tax cut of only $250.
"Trump claims the plan will be revenue neutral, but he has made bombastic exaggerations before and this time is no different. In fact, there is no possibility that this plan would not be a gigantic tax cut for the rich and a gigantic revenue loser for the government.
"Trump claims he will pay for the plan by closing tax loopholes for the rich. But in truth, his plan would expand loopholes for the rich and cut their tax rate by 40 percent. His plan also would cut the corporate tax from 35 to 15 percent, which also would mainly benefit the rich. And his plan repeals the estate tax, a tax that the very richest of the rich pay.
"The most widely-promoted tax hike in Trump's plan, closing the "carried interest loophole," would barely amount to a slap on the wrist for the hedge fund millionaires Trump says should pay more. The top tax rate on carried interest would increase only from the current 23.8 percent to 25 percent. Even this small tax hike would be dwarfed by the impact of dropping the top regular income tax rate from 39.6 percent to 25 percent on regular income.
"Trump has made many false claims about his tax plan. Of course, he's been known to say many other things that aren't true, too."
A table showing the likely effects of Trump's tax plan follows:
Citizens for Tax Justice, founded in 1979, is a 501 (c)(4) public interest research and advocacy organization focusing on federal, state and local tax policies and their impact upon our nation. CTJ's mission is to give ordinary people a greater voice in the development of tax laws.
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