Trump's economic plans would cost more than Clinton's
Source: MSN/CBS News
Hillary Clinton and Donald Trump have been rolling out their proposals to address everything from tax plans to Pentagon budgets to infrastructure spending to education initiatives, and in the past few weeks, both candidates have modified their proposals in ways that impact what they would cost the country over the next decade.
The latest estimate shows Clinton’s economic plan would add $200 billion to the national debt over the next decade, while Donald Trump’s would add $5.3 trillion -- or 26.5 times as much as Clinton -- according to a new report from the non-partisan Committee for a Responsible Federal Budget (CRFB).
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Clinton’s plan, according to the report, would increase spending significantly, although tax hikes on the wealthy would largely offset the increases. Trump’s plan, meanwhile, would decrease both spending and taxes, but it would lose so much revenue that his cuts to spending would still increase the debt by trillions.
The most fiscally significant difference between Clinton and Trump is in the net effect of their respective tax plans. Clinton’s tax policies result in a net increase of $1.55 trillion in revenue over the next decade, including $1.05 trillion from increased taxes on high earners and $150 billion in increased business taxes.Trump, on the other hand, would end up adding another $4.5 trillion to the nation’s debt -- incurring revenue losses from $1.45 trillion from individual tax reform, $2.85 trillion from business tax reform, and $1.2 trillion from repealing taxes imposed by the Affordable Care Act.”
Read more: http://www.msn.com/en-us/news/politics/trumps-economic-plans-would-cost-more-than-clintons/ar-BBwtgBr
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