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The Republican Tax Plans Are All Basically Insane

SIMI VALLEY, CA-SEPTEMBER. 16: Republican presidential candidates Jeb Bush and Donald Trump take part in the presidential debates at the Reagan Library on September 16, 2015 in Simi Valley, California. Fifteen Republican presidential candidates are participating in the second set of Republican presidential debates. (Photo by Justin Sullivan/Getty Images)

Republicans on debate night are all promising to slash taxes and unleash economic growth. Many of them, of course, haven’t actually presented a specific tax plan. But those who have are peddling economic fantasies. Even the conservative Tax Foundation believes these plans would balloon the national debt.

Donald Trump’s plan would cost over $10 trillion.

Bobby Jindal’s plan would cost $9 trillion.

Rick Santorum’s would cost $1.1 trillion.

Jeb Bush’s plan? $1.6 trillion.

Marco Rubio? More than $1 trillion over the next decade.

One exception: The Tax Foundation says Rand Paul’s tax plan would save the government$737 billion. But other tax experts are far less sanguine. Citizens for Tax Justice estimates that Paul’s plan would cost $15 trillion. Much of the difference is due to less optimistic assumptions about economic growth. The Tax Foundation assumes that tax cuts benefitting Wall Street and the wealthy will generate very high levels of growth. Citizens for Tax Justice does not.

Total debt held by the public is currently $13.08 trillion.

Written by PH

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