Trump tax cuts would cost more than almost all federal agencies
Erik Wasson and Enda Curran | (TNS) Bloomberg News
WASHINGTON — Republican nominee Donald Trump and running mate JD Vance are campaigning on a grab bag of tax cut proposals that could collectively cost as much as $10.5 trillion over a decade, a massive sum that would exceed the combined budgets of every domestic federal agency.
Even if Congress were to eliminate every dollar of nondefense discretionary spending — projected to be $9.8 trillion over the next 10 years — it still wouldn’t offset the estimated expense of the wide-ranging tax cuts Trump and Vance have floated in recent weeks.
The price tag is based on rough, initial estimates from tax and budget specialists because the Trump campaign hasn’t released detailed policy plans for its tax promises.
The Trump campaign said in a statement the former president will cut wasteful spending and increase energy production to pay for the tax cuts and lower the national debt. The campaign didn’t offer more detail.
Though Democrat Kamala Harris also has proposed a few large tax cuts — she would exempt tips from taxation and expand the child tax credit — the impact on the nation’s finances pales in comparison. She calls for offsetting the lost income, which one think tank estimates at roughly $2 trillion, with tax increases on corporations and wealthy individuals.