Donald Trump Proposing $1Trillion Tax Increase (DETAILS)

0
753

Oxford Economics released their findings calculating the economic costs of a Donald Trump presidency.

Even if Trump’s policies were somewhat tempered in their run through Congress, a Trump presidency would cost the United States taxpayers upward of around $1 trillion.

‘Should Mr. Trump prove more successful in achieving adoption of his policies, the consequences could be far-reaching — knocking 5 percent off the level of U.S. GDP relative to baseline and undermining the anticipated recovery in global growth.’

Trump’s proposed policies of deporting 11 million undocumented immigrants, his projected tax cuts, and more “protectionist trade measures” were all factored into their calculations. Trump’s major impact would be on the growth of the GDP.

‘Under its baseline scenario, Oxford Economics expects U.S. gross domestic product, the value of all goods and services produced in the economy, to grow at a fairly constant rate of around 2 percent from 2017, reaching $18.5 trillion in 2021.

‘But if Trump is elected and succeeds in implementing his policies, it predicts growth would slow significantly, falling near zero in 2019, and reducing overall GDP to $17.5 trillion.’

According to the researchers, the baseline numbers on which they based their calculations is the projected growth of the economy based on Hillary Clinton’s plan for America. While the economy would grow under Clinton, it would fall significantly under Trump.

The economy historically suffers under Republican presidencies, so Trump wouldn’t be alone in having a negative effect on the economy.

2016-09-13 17_25_05-These 5 charts prove that the economy does better under Democratic presidents -
Image via Salon

Despite this, Republican voters continue to vote for their Republican candidates, whose policies of tax cuts for the wealthy and slashes in aid to the poor affect them negatively, as well. Trump’s supporters, statistically speaking, tend to be poor, white men without college educations.

Studies like the one done by Oxford Economics, however, should motivate a country struggling under the weight of policies that benefit the top 1 percent to get out and vote in their own best interests.

The Trump campaign has so far failed to respond to reporters’ requests for comments on the study. The GOP nominee continues to tell his supporters that he will grow the economy and, somehow, they still believe him.

For The Young Turks‘ discussion of which party has been better for the U.S. economy, see video below:

Featured image via Getty/Steve Pope