The Final Numbers Are In: Trump’s Tax Plan Is a Huge Windfall For the Wealthy

Fight disinformation: Sign up for the free Mother Jones Daily newsletter and follow the news that matters.


I know this is pretty meaningless, but TPC has released its latest—and presumably final—analyses of the Trump and Clinton tax plans. There’s nothing surprising in them: Trump’s plan features gigantic tax cuts for the wealthy and Clinton’s features big tax increases on the wealthy. For the record, here’s how they pencil out:

TPC estimates that Clinton’s plan would raise $1.4 trillion over ten years and reduce the federal deficit by $1.6 trillion. Trump’s plan would cost $6.2 trillion and increase the deficit by $7.2 billion. Needless to say, that’s just for the tax plans themselves. Clinton’s overall budget proposal would be roughly revenue neutral once you account for her spending proposals. Likewise, Trump’s plan might be slightly less of a deficit buster if he cuts spending somewhere—though he’s ruled out most areas of the budget for spending cuts and hasn’t identified any specific cuts in the few areas left.

Assuming that Trump has no sizeable budget cuts in mind, his plan would increase the national debt from about 90 percent of GDP to 115 percent of GDP by 2026. In other words, it’s fiscally conservative, using the modern definition of the term.

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

A BETTER WAY TO DO THIS?

We have an ambitious $350,000 online fundraising goal this month and we can't afford to come up short. But when a reader recently asked how being a nonprofit makes Mother Jones different from other news organizations, we realized we needed to lay this out better: Because "in absolutely every way" is essentially the answer.

So we tried to explain why your year-end donations are so essential, and we'd like your help refining our pitch about what make Mother Jones valuable and worth reading to you.

We'd also like your support of our journalism with a year-end donation if you can right now—all online gifts will be doubled until we hit our $350,000 goal thanks to an incredibly generous donor's matching gift pledge.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate