Nor do they jibe with his and his presidential transition team’s guarantee that there wouldn’t be a big tax cut for wealthy people — now-Treasury Secretary Steve Mnuchin promised on CNBC in late November that “there will be no absolute tax cut for the upper class” — or how it would be paid for. Trump pledged on the campaign trail to eliminate the national debt.
“Based on the plan’s limited details, Trump’s tax giveaway could cost trillions of dollars. And despite the administration’s overtures, the plan would not pay for itself. Trillions of dollars in lost revenues would increase the deficit and most likely lead to cuts in vital public services,” Alan Essig, executive director of the Institute on Taxation and Economic Policy, said in a statement.