The Committee for a Responsible Federal Budget said, however, that it is unsure of the size of Trump's tax plan because the GOP nominee's campaign hasn't yet said how it will handle certain businesses' tax liabilities, according to The Associated Press.
The latest proposals would generate $260 billion over the next decade, enough to pay for her plans to simplify small-business taxes and expand the child tax credit, according to the nonpartisan Committee for a Responsible Federal Budget, which advocates fiscal restraint.
The Committee for a Responsible Federal Budget, a nonpartisan group focused on budget issues, said Clinton's new tax proposals including the estate tax changes, taxes on capital gains of inherited assets and other provisions would together raise $260 billion in revenue over a decade.
A new version of the Democratic nominee’s proposed tax plan, unveiled on Thursday, calls for a 65% tax on the largest estates — up from 45% in her previous plan — further limiting wealthy households’ ability to pass on assets to heirs. The Clinton campaign says it would use the proceeds to pay for initiatives such as simplifying small business taxes and expanding the child tax credit. The change, together with two other new tax proposals, would generate $260 billion over the next decade, according to the nonpartisan Committee for a Responsible Federal Budget.
Clinton's 'death tax' hike plan revealed: Democrat plans to raise estate tax to 65 per cent for the wealthiest
The Committee for a Responsible Federal Budget looked at Trump's newly revised tax plan as well as other proposals. However, it says its analysis can't be certain of the actual size of Trump's tax plan because his campaign won't spell out how it will treat certain businesses' tax liabilities. The committee took a 'mid-range guess' between two estimates provided by the nonpartisan Tax Foundation. When Trump introduced his economic plan last week, he vowed that his tax cuts would be paid for partly by triggering record economic growth. The committee was skeptical and presumed these steps would generate no new growth.
Trump's proposals would add $5.3 trillion to the national debt over the next decade, significantly more than Clinton’s, whose plans would increase the debt by about $200 billion over the same time, the nonpartisan Committee for a Responsible Federal Budget said in a new report.
Trump's spending plans, by contrast, are not covered by additional revenue.A new analysis from the nonpartisan Committee for a Responsible Federal Budget said the national debt would rise 25 times faster under Trump than Clinton. Trump's plans would raise the debt by $5.3 trillion over 10 years, the group said.
Donald Trump's campaign agenda would add far more to the debt than Hillary Clinton's would, according to an independent analysis released Thursday, even after the Republican revised his tax plan to make it less costly to the Treasury. Clinton's proposals for spending and taxing would add $200 billion to the federal debt over 10 years, the nonprofit Committee for a Responsible Federal Budget found in an updated analysis.
The scale of Trump’s budgetary ambitions was truly unprecedented. At one point, the Committee for a Responsible Budget estimated that Donald Trump’s budget would add $11.5 trillion to the national debt, more than double his closest rival in the Republican primary. To put that number into perspective, the Bush tax cuts—the largest in history up to that point—cost $2.8 trillion over ten years.
The Committee for a Responsible Federal Budget is out with an updated analysis of the two major parties’ fiscal policies. Both “would increase the debt relative to current law,” but Donald “Trump would increase it by an order of magnitude more.” Specifically, CFRB reports, Hillary “Clinton’s plans would increase the debt by $200 billion over a decade above current law levels (compared with our prior estimate of $250 billion), and Trump’s plans would increase the debt by $5.3 trillion (compared with our prior estimate of $11.5 trillion). As a result, debt would rise to above 86 percent of gross domestic product under Clinton and 105 percent under Trump.”