Trump Tax Cuts Would Cost More Than Almost All Federal Agencies.

Republican nominee Donald Trump and running mate JD Vance have proposed a series of tax cuts that could cost up to $10.5 trillion over a decade, surpassing the budgets of all domestic federal agencies combined. The Trump campaign has not released detailed policy plans for these tax cuts, but they claim that wasteful spending will be cut and energy production will be increased to offset the cost. In comparison, Democrat Kamala Harris has proposed smaller tax cuts that would be offset by tax increases on corporations and wealthy individuals. The magnitude of Trump's tax promises makes it unlikely that they would all pass, even with a Congress controlled by Trump allies. The impact of Trump's proposals on economic growth is uncertain, as they primarily focus on individual tax cuts rather than business tax cuts. If Congress were to pass the tax cuts without increasing spending, major federal agencies would need to be eliminated. Harris and President Joe Biden have released a budget proposal to cut federal deficits by $3 trillion over a decade through tax increases on corporations and wealthy individuals, but these plans have faced opposition from business lobbies. The outcome of the tax agenda will depend on the balance of power in Congress, and taxes will be a top priority regardless of the election outcome. Trump aims to extend his signature tax law, which would cost $4.6 trillion over ten years, and has suggested additional tax ideas such as excluding Social Security payments from taxes, exempting taxes on tipped wages, and increasing the child tax credit. Trump has offered few options to raise [Extracted from the article]