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Donald Trump Tax Plan Essay

1281 Words6 Pages

Donald Trump’s Tax Plan stinks. It is put together without precision or arithmetic and, if passed, will have disastrous implications to the future economy of the United States of America. At a time when income inequality is a serious concern, Trump’s Tax Plan benefits the rich while creating a serious concern with its projected increases in debt and the budget deficit. Corporate and Estate tax cuts would also create problems in the US economy. While Trump believes that his tax cuts will increase spending and help thrive the economy, the debt that will be created will do just the opposite. Taxes are something most Americans cannot avoid. Many even pay other professionals to do their taxes for them. The tax code is excessively long, being over …show more content…

It lowers the top individual tax rate from 39.5% to 25% along with creating additional brackets of 20%, 10%, and 0% (Summers). It also lowers corporate taxes from 35% to 15% (Summers). Theoretically, this allows Americans to spend more and businesses to pay employees more which will help the economy thrive (Painter). While this sounds great for the economy, there are a plethora of downsides to Trump’s tax plan. One of the most negative impacts it will have will be the increase of debt and the budget deficit ("The most compelling criticism of Trump tax plan"). The tax cuts would add $1.5 trillion to the debt in just ten years in addition to the $10 trillion forecasted to be added ("The most compelling criticism of Trump tax plan"). The Trump Tax Cuts can be compared to the 2001 Bush Tax Cuts (Painter). When the Bush Tax Cuts were passed, debt was at 31% GDP. Today, it is around 77% GDP, a very concerning number. Instead of trickled down economic growth, there was an amassment of debt that hurt the economy and slowed wage growth (Painter). Trump’s Tax Cuts will continue raising debt and could have a disastrous outcome on the economy. While Trump and his supporters claim that these tax cuts will help grow the economy, many economists are rejecting these claims citing the Bush Tax Cuts ("The most compelling criticism of Trump tax

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