The Final Numbers Are In: Trump’s Tax Plan Is a Huge Windfall For the Wealthy

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I know this is pretty meaningless, but TPC has released its latest—and presumably final—analyses of the Trump and Clinton tax plans. There’s nothing surprising in them: Trump’s plan features gigantic tax cuts for the wealthy and Clinton’s features big tax increases on the wealthy. For the record, here’s how they pencil out:

TPC estimates that Clinton’s plan would raise $1.4 trillion over ten years and reduce the federal deficit by $1.6 trillion. Trump’s plan would cost $6.2 trillion and increase the deficit by $7.2 billion. Needless to say, that’s just for the tax plans themselves. Clinton’s overall budget proposal would be roughly revenue neutral once you account for her spending proposals. Likewise, Trump’s plan might be slightly less of a deficit buster if he cuts spending somewhere—though he’s ruled out most areas of the budget for spending cuts and hasn’t identified any specific cuts in the few areas left.

Assuming that Trump has no sizeable budget cuts in mind, his plan would increase the national debt from about 90 percent of GDP to 115 percent of GDP by 2026. In other words, it’s fiscally conservative, using the modern definition of the term.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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