U.S. Republican presidential candidate Donald Trump addresses the crowd during a campaign rally in Grand Rapids

Trump's proposed tax cuts would send U.S. debt surging – analysis

U.S. Republican presidential candidate Donald Trump addresses the crowd during a campaign rally in Grand RapidsRepublican presidential hopeful Donald Trump’s tax proposal would cut taxes for households and businesses but would significantly raise the national debt, according to an analysis by the centrist Brookings-Urban Institute Tax Policy Center. The plan would reduce federal revenues by $9.5 trillion in its first decade and the U.S. national debt would jump by as much as 80 percent of the country’s gross domestic product by 2036, which could drag on growth, the analysis found. “You can’t really cut revenues as much as the plan would do and still have a functioning government that still looks anything like the government we have right now.” In September Trump proposed making the U.S. tax code simpler and a one-time levy on the overseas earnings of U.S. companies.

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