One of Trump's greatest sources of pride and bragging rights just ripped him a new one.

 

Background: 

For the past few weeks or so, Trump has been parading around the Republican tax plan as a major victory for his voters.

The Senate budget, which clears the way for major tax cuts for corporations and the ultra-wealthy, passed without Democratic support. While the plan does contain major cuts, it is not the biggest ever, as Trump claims.

Also, senior citizens, the poor, and the disabled would suffer massively under Trump's plan. The 1% of wealthiest persons in the nation, however, would see massive tax cuts.

 

What's Happening Now: 

That being said, what exactly is the advantage to Trump's tax plan? Would it work towards cutting the deficit?

Nope.

According to Trump's alma mater, the Wharton School of the University of Pennsylvania, Trump's tax plan, details of which the House Republicans will unveil on Wednesday, would “explode the deficit.”

According to The Hill:

The study, which relies on the Penn Wharton Budget Model (PWBM), found that the deficit would increase by $1 trillion to $3.5 trillion over the course of the first decade, based on differing estimates of how the final plan will look. By 2040, the plans would cost between $2 trillion and $10.6 trillion.

The GOP budget seemed to account for that possibility. The budget outlines that the Republican tax plan can add $1.5 trillion to the budget without taking it off the rails as it speeds towards approval in the Senate.

The argument for that provision is that the tax plan's cuts on the wealthy and corporations will stimulate economic growth and make up for the deficit. The Wharton School, which Trump has used as evidence of the fact that he has a brain somewhere in that head of his, disagrees, and sees only increasing debt.

According to The Hill:

The Wharton study estimated that the country's economy would grow between 1.3 percent and 1.5 percent over the first decade, which would average out to about 0.2 percent of extra growth each year, well below the levels suggested by the administration.
 
The study also contradicted White House claims that the tax plan's corporate tax cuts would largely end up in workers' pockets, estimating that labor wages would only increase 1.3 percent to 1.4 percent over a decade.
Apparently, Trump's prestigious Ivy League education didn't give him the basic skills in math or economics to develop a tax plan good for anyone in America other than people just as wealthy as he is.
What's worse, he can't even admit it. He just keeps touting lies about the effect his plan would have on the country, and the GOP isn't trying to stop him.
Hearing criticism about what Trump surely considers the best tax plan ever must sting badly enough, but hearing it from the institution that gives Trump what little credibility he has as a businessman must be a blow even his ego might have trouble recovering from.
On November 2, 2017   /   News, Politics, Trump