Donald Trump’s Tax Plan

During his campaign the new President-Elect, Donald Trump, vowed to simplify the US Tax Code.  His publicized tax plan looks to reduce taxes across the board including US Corporate Tax rates which are currently among the highest in the world.

Per Trump, the new competitive tax rates and the introduction of new opportunities will result in growth for the economy and new job opportunities for Americans.

If Trump moves ahead with his tax plan and it is approved by Congress, how does it compare with the current system?

While Trump’s tax plan may result in lower taxes for many it does come at a cost.

The Tax Foundation estimates that Trump’s Tax Plan will reduce federal revenue by between $4.4 and $5.9 trillion over ten years.  This cost will be offset to some extent by the growth in the economy but there will still be a net cost in the trillions.

If you want to read more about the Trump ax plan you can find the details on the Donald J Trump website at https://www.donaldjtrump.com/policies/tax-plan

An analysis of the plan and long term impact can be found on the Tax Foundation website at http://taxfoundation.org/article/details-and-analysis-donald-trump-tax-reform-plan-september-2016