The tax plan Trump and his team are pushing for Congress to pass this year would likely raise the national debt, according to a new report.
The Wall Street Journal published an article Tuesday titled Trump’s Tax Plan Is Not Good News for the Rich.
The Journal’s author, Scott Detrow, noted that the tax plan would increase the national deficit, which is a measure of the amount of money the government has to borrow to pay for government programs.
Detrow noted that a national debt increase of 10% would require Congress to increase its borrowing by more than $10 trillion, which means the debt would have to rise by more to pay back the interest on the national budget.
This debt increase is the most severe in recent history.
It would require the government to borrow more money than it has in the history of the country to pay interest on its national debt.
That means that the debt could have to be raised by more in the next decade than the economy could generate in a year.
But the Journal’s report also found that this debt increase could actually be a boon for the middle class.
Detrow noted in his article that the proposed tax increases would allow corporations to save more money.
Companies would be able to write off the cost of future investments and reinvest the money into new operations, which would result in an increase in revenue.
As a result, the economy would grow faster than it otherwise would.
The WSJ’s story also noted that this could potentially result in a huge boost in economic growth.
This could also lead to a drop in interest rates and increase the amount people can borrow to finance their mortgages.
The article went on to note that tax increases for the wealthy would also likely result in lower taxes on corporations.
These would lead to higher tax rates on the wealthy, which could lead to less tax revenue for the government.
According to Detrow’s report, the middle and working classes would see their taxes increase as well, as the rich would benefit from the tax cuts.
If the tax rate increases for high earners, such as the top 1%, were to continue, that would increase their wealth by $2.3 trillion, or roughly $30,000 per family.
While Trump’s plan could result in higher tax revenue, the WSJ noted that it could also mean lower wages and lower wages for the majority of Americans.
According to the WSZ, an analysis by the Tax Policy Center showed that a 10% tax increase would lead most families to pay less than $500 per month in taxes, while a tax increase of 1% would lead almost all families to have to pay more than they would if they received a $2,000 income increase.
It also noted in its story that the wealthiest Americans would be left behind because their taxes would go up at a much slower rate than everyone else.
That would mean the wealthy could still pay more taxes, but they would be taxed at lower rates.
That would mean that the poorest Americans would still be paying more taxes than the richest Americans, which the WSJD pointed out would lead people to rely on government programs for their basic needs.
Trump’s plan would likely have a negative impact on the economy.
Detrows article concluded by saying that, “It’s time to stop trying to make America great again and start doing it for ourselves.”
Read more about Donald Trump’s proposed tax plan.