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Donald Trump Tax Plan Essay

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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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Therefore, Trump initially offered a tax-cut plan for companies by lowering the corporate

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If trump gets elected into presidency his primary goal is to deport 11 million immigrant families that live on the U.S. Im not sure if he is talking about non US citizens or families that have expiring visas. He spoke them being forced out of their homes, jobs, and schools by the police at anytime. If he succeeds-which he won’t; there will be billions of dollars gone for his selfish request to supposedly “make America great again” but its people like him that make America what it is today . We as a nation are in debt for billion of dollars as it is , so if he is elected to be president then us as a nation are basically going in a downward spiral because we already owe trillions of dollars.

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Maybe if the unemployment rate was lower, then this would not have been the case. Therefore, some of the ways that the TCJA2017 could affect the economy in the long term would be by increasing the motives of people to work more, put aside money, and eventually invest (Tax Policy Center, 2020). This means that not only does the TCJA affect domestic and multinational companies, it also affects individuals and households, and our economy as a whole. Finally, the TCJA has a great impact on domestic companies because lower rates means more profit, which allows for using that extra cash on resources that improve products and/or services (Fontinelle, 2022). There are also other benefits.

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Tax reductions are fine, yet in the event that you are going to cut expenses, government spending needs to diminish also. The impact of this will stream down to common laborers as better occupations, information demonstration this theory does not work. Shortfall spending was another sign of Reagonomics. The federal government spends more than it take in expense incomes, for the most part to fund an extending military spending plan. To finance the obligation, the administration offers Treasury securities and pays the investors interest on these bonds.

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It can slow down the economy. The U.S. economy is heavily reliant on consumerism. However, the Fair Tax Act will discourage people from spending more, and this is not good for a capitalist economy. 3.

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Add that to the $6.14 trillion for basic income and we have $7.5 trillion dollars instead of $10 trillion as it looked before. A return to Kennedy era tax rates from roughly 30% now to 52% as it was then, as well as the closing of loopholes that allow businesses to operate in the United States would close the gap between the budget required and the tax income received. Raising taxes historically in the United States has not hurt the economy, but rather helped it. President Kennedy saw economic growth twice that of our current rate even with his high taxes. The implementation of a Universal Basic Income would also flood the market with liquidity, meaning that daily

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