Donald Trump reveals more details of his tax plan

The Washington Compost ^ | 2016-09-15 | Jim Tankersley

[E. Pluribus Unum]

Republican presidential candidate Donald Trump put new details on a much scaled-back tax plan on Thursday, one that is projected to cost the federal government less money but also to deliver fewer benefits to taxpayers than Trump's original proposal.

Trump's economic team estimated that the complete tax plan, combined with rollbacks to some federal regulations and new initiatives to open up more public and private lands for oil and gas drilling, would deliver 3.5 percent growth per year for the next decade and produce 25 million new jobs.

The changes also appear to be an attempt to reduce what analysts had predicted would be a $1 trillion annual hit to federal tax revenue under Trump's original, budget-busting plan.

The non-partisan Tax Foundation estimated Thursday that the plan would reduce federal revenues by $4.4 trillion over 10 years, or by $2.6 trillion after accounting for the additional economic growth it would generate. To offset those losses, Trump said he would generate even further economic growth via increased energy production and reductions in trade deficits, and that he would cut $1 trillion over a decade from the federal budget - without touching Social Security, Medicare, Medicaid or defense.

[MNJohnnie]

Curious when the Post will finally cover Clinton plan for across the board tax hikes on EVERYONE?

[PGR88]

Typical WaPo

worried ultimately about how any tax plan will continue to feed the Fed.gov beast above all.

[enumerated]

No economic myth advanced by liberals is more poisonous than the ridiculous argument that says tax cuts must be “paid for” with spending cuts.

This is like a teenager telling his parents that if they cut his allowance they must first explain how the lost revenue will be replaced. It places the burden of accountability for revenue provision or spending restraint on a party other than the one doing the spending.