The economic myth that refuses to die, Trickle-Down Economics, forms the basis of Donald Trump's "New and Improved" tax plan. Trump's previous plan according to think tanks would've added upwards of $11 trillion in debt over the decade.
According to TaxPolicyCenter a non partisan think tank, this would add $7.2 trillion to the national debt over the decade.
[quote]Trump’s tax plan would eliminate the tax on multimillion-dollar inheritances, cap all business taxes at 15 percent and reduce income taxes across the board. But the Tax Policy Center found the plan to be heavily weighted in favor of the super-rich. The top 1 percent of households would receive an average tax cut of $214,690 in just the first year of the plan’s implementation, while the top 0.1 percent would save a whopping $1.1 million. Middle-income households would receive a tax cut of just $1,010, while the lowest-income taxpayers would get $110. Nearly half of the decline in federal revenues caused by Trump’s tax changes would flow to the top 1 percent, and roughly one-fourth would go to the top 0.1 percent.[/quote]
In contrast, the Bush tax cuts have added $2.8 trillion to the debt over their first decade.
According to the Don, this would, as often argued despite historical evidence, these cuts would "unleash the beast of the economy and create more jobs and everyone will have more money and pay more into tax!"
Okay, so by completely ignoring the laws of mathematics and by substantially cutting revenues, it somehow will mean even more revenue? And we're meant to take this word from someone who has had 6 bankruptcies, lawsuits over over a so called "university" and uses a "charity" as his own slush fund by purchasing a 6ft tall picture of himself?
What could possibly go wrong?