Donald Trump was asked this week, “Do you believe in raising taxes on the wealthy?” He replied, “I do. I do—including myself. I do.”
Yet Trump’s own tax plan would cut the highest marginal federal income-tax rate from 39.6 percent to 25 percent. Based on scoring by the nonpartisan Tax Foundation, Trump’s plan would raise after-tax incomes for the top 1 percent by 27 percent—more than for any other income group. His plan would also increase the national debt by more than $10 trillion (again, according to the Tax Foundation, even after taking into account the increased economic growth the plan would spur). To put that into perspective, that’s more than the national debt has risen so far under Obama. (It has risen $8.6 trillion under this most profligate of presidents.)
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