#TrumpTaxCuts Donald Trump's tax plan ideas include¹:

- *Extending Expiring Tax Cuts*: Making the 2017 Tax Cuts and Jobs Act (TCJA) changes permanent, such as lower tax rates and increased standard deductions, which could boost GDP by 1.1%.

- *Reducing Corporate Tax Rates*: Lowering the corporate tax rate to 15% for domestic production activities, potentially increasing economic output by 0.2%.

- *Exempting Certain Income*: Excluding tips, Social Security benefits, and overtime pay from income tax, which could increase long-run output by 0.4%.

- *Tariffs*: Imposing a universal 20% tariff on all imports and raising tariffs on China to 60%, which could shrink long-run economic output by 1.3%.

- *Repealing Green Energy Credits*: Eliminating green energy tax credits, estimated to raise $921 billion over 10 years.

*Potential Impact:*

- *Economic Growth*: Trump's tax proposals could increase long-run GDP by 0.8% and create 597,000 full-time equivalent jobs.

- *Revenue*: The proposals would reduce federal tax revenue by $3 trillion over 10 years, with the revenue loss falling to $2.5 trillion on a dynamic basis.

- *Deficits*: The debt-to-GDP ratio would increase from 201.2% to 223.1% on a conventional basis and 217% on a dynamic basis.

*Distributional Effects:*

- *Tax Burden*: Lower- and middle-income taxpayers might face tax increases due to tariffs, while higher-income taxpayers would benefit more from tax cuts.

- *After-Tax Income*: After-tax incomes would increase by 2.8% on average in the long run, with larger increases for higher-income earners.