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1 Cole Alan, Details and Analysis of Donald Trump's Tax Plan 1 (2015)

handle is hein.taxfoundation/deadttxp0001 and id is 1 raw text is: FOUNDON Details and Analysis of FISCAL Donald Trump's Tax Plan FACT Sept 2015 By Alan Cole No. 482 Economist Key Findings Mr. Trump's tax plan would substantially lower individual income taxes and the corporate income tax and eliminate a number of complex features in the current tax code. Mr. Trump's plan would cut taxes by $11.98 trillion over the next decade on a static basis. However, the plan would end up reducing tax revenues by $10.14 trillion over the next decade when accounting for economic growth from increases in the supply of labor and capital. The plan would also result in increased outlays due to higher interest on the debt, creating a ten-year deficit somewhat larger than the estimates above. According to the Tax Foundation's Taxes and Growth Model, the plan would significantly reduce marginal tax rates and the cost of capital, which would lead to an 11 percent higher GDP over the long term provided that the tax cut could be appropriately financed. The plan would also lead to a 29 percent larger capital stock, 6.5 percent higher wages, and 5.3 million more full-time equivalent jobs. The plan would cut taxes and lead to higher after-tax incomes for taxpayers at all levels of income. The Tax Foundation is a 501(c)(3) non-partisan, non-profit research institution founded in 1937 to educate the public on tax policy. Based in Washington, D.C., our economic and policy analysis is guided by the principles of sound tax policy: simplicity, neutrality, transparency, and stability. ©2015 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Melodie Bowler Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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