President Trump’s new tax reform plan relies on stimulation of economic growth to pay for itself. Recent history has already demonstrated that tax cuts will not stimulate enough economic growth to cover the decrease in tax revenues. In the experience of two other Republican presidents, Ronald Reagan and George W. Bush, reductions in taxes failed to pay for themselves and instead left the nation to deal with increasing federal debt.
Furthermore, President Trump’s tax reform proposal would likely slash taxes on hundreds of Trump-owned real estate, licensing and other companies. The extent to which he would personally benefit cannot be determined without having access to his tax returns, which he has refused to release.
Susan Burwen, Driggs