04-12-2016, 03:59 AM
Quote:Trump’s tax cut proposals would drain the Treasury of $9.5 trillion over the coming ten years, while Cruz’s 10 percent flat tax approach would reduce revenues by $8.7 trillion over the same period, according to Urban Institute-Brookings Tax Policy Center estimates. What that means is that by 2026, federal revenues would constitute just 14.1 percent of gross domestic product under Trump’s approach and 14.7 percent under Cruz’s tax cut plan – both well below the projected revenues of 18.2 percent of GDP for that year, according to a newly released study by the liberal-leaning Center on Budget and Policy Priorities. The government essentially would be operating with roughly $1 trillion a year less in revenues by that point than it would collect under current law. At the same time, overall spending would dip far below the 23.1 percent of GDP currently projected for 2026.Trump and Cruz Tax Plans Would Require Massive Cuts in Federal Spending - Yahoo Finance