DENVER — A new analysis from a nonpartisan group finds that Donald Trump’s latest tax proposals would increase the federal debt by $5.3 trillion over the next decade, compared with $200 billion if Hillary Clinton’s ideas were enacted.
The Committee for a Responsible Federal Budget looked at Trump’s newly revised tax plan as well as other proposals. However, it says its analysis can’t be certain of the actual size of Trump’s tax plan because his campaign won’t spell out how it will treat certain businesses’ tax liabilities. The committee took a “mid-range guess” between two estimates provided by the nonpartisan Tax Foundation.
When Trump introduced his economic plan last week, he vowed that his tax cuts would be paid for partly by triggering record economic growth. The committee was skeptical and presumed they would generate no new growth. Several economists have projected that Trump’s economic agenda — especially his restrictions on immigration and trade — would slow economic growth and possibly cause a recession.
Trump has also proposed a sharp increase in spending on the military and veterans. He has proposed some spending cuts, but the committee calculated they wouldn’t come close to balancing the budget.
The cost of Clinton’s plan comes largely from her proposals for free college, child care aid and universal pre-K for 4-year-olds. She proposes paying for them with tax hikes on the rich and businesses.