![]() The plan would lead to at least 10.2 percent higher incomes for the top 1 percent of taxpayers or as much as 16.0 percent higher, depending on the nature of a key business policy provision. On a static basis, the plan would lead to at least 0.8 percent higher after-tax income for all taxpayer quintiles.The plan reduces revenue by substantially less than the plan proposed by Trump last year, on both a static and dynamic basis.After accounting for the larger economy and the broader tax base, the plan would reduce revenues by between $2.6 trillion and $3.9 trillion after accounting for the larger economy, depending on the nature of a key policy provision.The plan would also significantly reduce marginal rates and the cost of capital, which would lead to higher long-run levels of GDP, wages, and full-time equivalent jobs.The amount depends on the nature of a key business policy provision. According to the Tax Foundation’s Taxes and Growth Model, the plan would reduce federal revenue by between $4.4 trillion and $5.9 trillion on a static basis.Republican presidential candidate Donald Trump’s tax plan would significantly reduce income taxes and corporate taxes, and eliminate the estate tax.
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