Donald Trump may have lost the popular vote, but the billionaire businessman is expected to be inaugurated on January 20 as the 45th President of the United States.
The presumptive Republican nominee, who has promised to lower taxes on the wealthy, will be inaugurating with a tax plan that would provide a massive boost to the economy.
As a result, many Americans may be disappointed that he has not gone further to reduce taxes on high earners and the very rich, which would be in line with his campaign rhetoric.
A new analysis by Tax Policy Center, a left-leaning think tank, suggests that Trump’s proposed tax cuts would cost the country $1.5 trillion over 10 years, a whopping amount of money to the nation.
The analysis, which was conducted with the help of the Tax Policy Group, found that the tax cut would increase the national debt by $1,716 billion over 10, 20, and 40 years.
The $1 trillion in debt would increase every year as the economy expands, and the federal debt is projected to be about $19 trillion by 2050.
But Trump has not been forthcoming with details of how he plans to reduce the national deficit and the debt.
A recent CNN poll found that Trump has the support of just 20% of Republicans and Republican-leaning independents.
This has created a major political issue for the President-elect, who could be expected to take a more moderate approach to the national budget.
“This is not just a political issue,” David French, a senior fellow at the Tax Foundation, told Business Insider.
“I’m not sure that this is a policy issue.
I think it’s an issue of politics.”
A recent analysis by the nonpartisan Tax Policy Alliance, a nonpartisan think tank that focuses on tax policy, also found that Republicans in Congress would likely support a tax cut in exchange for a promise to reduce spending and the national indebtedness.
“In my view, it’s likely that the President’s proposed cuts to Social Security and Medicare would generate substantial revenue,” the report said.
“However, the size of the revenue that could be generated by the President making these cuts and enacting other tax reform measures would be limited by the fact that the economy would continue to shrink and economic growth would continue its slow recovery.”
In addition, the report found that while the President is committed to reducing the debt, his tax plan is not a realistic plan to do so.
The Tax Policy Project has been warning about the massive national debt, citing the fact the country’s gross national debt is now nearly $16 trillion, which is more than three times the size it was just two years ago.
“The Trump tax proposal does not provide a realistic way to reduce this debt,” said Jared Bernstein, a fellow at The Tax Foundation.
“It’s not clear what the best way to do this is.”
The Trump administration has previously made it clear that it is opposed to any cuts to the federal deficit.
However, the tax plan proposed by the billionaire has been criticized by conservatives and liberals alike for its cuts to defense spending, the National Institutes of Health and Medicare, as well as the number of people who would lose their jobs.
“Trump has promised on the campaign trail to slash taxes and increase revenue,” said Dan Mendelson, a vice president at the centrist think tank Third Way, in a statement.
“His plan is unrealistic, but it will raise a lot of money.”
While Trump has been promising to cut taxes, he has made no promises on the deficit, with some of his campaign promises being vague and promises being made as the President moves forward.
In fact, during his campaign, Trump repeatedly claimed he could get his taxes down to zero if he just raised taxes on his wealthy donors and the wealthiest Americans.
The billionaire businessman has also said that he will use his Presidency to enact tax cuts for the wealthy and for the military, although the details are still being worked out.
The president-elect is also expected to make a number of promises to boost economic growth.
However of late, Trump has taken a more centrist stance on foreign policy, promising to “get tough on ISIS” and to “drain the swamp” in Washington.
As President-Elect Trump, it is important to remember that our country is not broken.
It is in desperate need of a healthy dose of economic growth and economic security.
We need to create jobs, and make America the world’s leading economic power again.
The President-to-be should also be very concerned about the nation’s national debt.
According to the Tax and Budget Center, the country is projected in the coming years to have a national debt of over $20 trillion, up from $18 trillion in 2020.
That figure is a major concern for many Americans, who believe that the national government has become too big and overly dependent on its massive debt.
Trump is likely to have to pay for his tax cuts in a way that will help stimulate the economy, but also