WASHINGTON (AP) — Donald Trump is betting that Americans crave trillions of dollars in tax cuts — and that growth will be so fantastic that it's not worth...
is betting that Americans crave trillions of dollars in tax cuts — and that growth will be so fantastic that it's not worth worrying about budget deficits.believes that big corporations and the ultra-wealthy should pay more in taxes — and wants to use those revenues to help spur the construction of 3 million homes and offer tax breaks for parents.
There are high stakes in this showdown because the winner of November's election could rewrite much of the federal tax code next year, when parts of Trump'sfor businesses and the wealthy as essential for promoting more investment, with those who've previously advised him saying average growth would top 3%. Mind you, overall economic growth never hit 3% a year when Trump was president.
Trump would also exclude Social Security payments from taxation, which could cost $1.2 trillion over 10 years. The risk is those taxes help fund Social Security. Without those revenues, the program would be unable to pay full benefits starting in 2033, or two years earlier than currently forecast, according to an analysis by Brendan Duke, senior director of economic policy at the Center for American Progress, a liberal think tank.
Growth would not appear to cover the price tag. The Committee for a Responsible Federal Budget surveyed economic analyses and found that Trump extending his tax cuts would have roughly no impact on overall growth over 10 years because of the additional debt. Harris' policies would reduce the average incomes of the top 0.1% by $167,225. But the bottom 20% get $2,355 more in income and benefits.
Kamala Harris Tax Cuts Income Taxes SOCIAL SECURITY Economic Growth Economic Analyses
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