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Trump's tax reform plan: a short overview

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  • Luigi Bernardi

    (Università di Pavia)

Abstract

Since the 2016 electoral campaign, the President elect of the USA, Donald Trump, has presented a broad Plan for reducing taxes. This Plan centres on a reduction in Federal income tax rates for both individuals and businesses. The main underlying argument (in keeping with Republican tradition) in support of the Plan, is that taxes are harmful to economic growth. This short paper firstly presents a summary of the changes in tax structure suggested by the Plan. This is followed by a discussion of the three main critical and arguable points of the Plan (budget neutrality, distributional consequences and macroeconomic effects), also through a review of the most recent studies regarding this topic. The prevailing view is that the Plan might boost economic growth, but only at the price of a huge budget deficit, while it may well favour only the wealthiest taxpayers in the USA.

Suggested Citation

  • Luigi Bernardi, 2017. "Trump's tax reform plan: a short overview," Working papers 65, Società Italiana di Economia Pubblica.
    • Handle: RePEc:ipu:wpaper:65
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    More about this item

    Keywords

    Taxation; Donald Trump’s tax plan;

    JEL classification:

    • H2 - Public Economics - - Taxation, Subsidies, and Revenue
    • H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
    • H24 - Public Economics - - Taxation, Subsidies, and Revenue - - - Personal Income and Other Nonbusiness Taxes and Subsidies
    • H25 - Public Economics - - Taxation, Subsidies, and Revenue - - - Business Taxes and Subsidies
    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance

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