Donald Trump’s economic agenda is great for him. Top income-earning households would get the “largest cuts” under Trump’s tax plan — “an average tax cut worth over $1.3 million, nearly 19 percent of after-tax income” for the top 0.1%, according to the Tax Policy Center.
That’s a great deal for Trump and his billionaire friends and donors, because they get a disproportionate boost while the lowest income-earners are left with “an average tax cut of $128.”
Here’s the catch: Trump’s tax plan “would make the national debt skyrocket by $10 trillion or more.”
Moody’s Analytics reports that Trump’s tax reform proposal and trade policies could very well bring about a “lengthy recession,” and notes that Trump’s “Who the hell cares if there’s a trade war?” bravado is naive, because such a trade war would render “the U.S. economy…isolated and diminished.”
Trump only cares about enriching himself and will act to give himself a […]Read more after the jump.