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The Simplest Way for DOGE-Trump to Find that $2 TRILLION in National Debt "savings"... [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-02-23
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The simplest way to find that “all important” $2 Trillion bucks “hypothetically” being WASTING and piled onto the National Debt — is to get rid of (or seriously modify) the top line-item in the 2025 Budget Plan Table (below):
In a closed-door meeting with House Leadership today President Trump reportedly outlined his tax priorities. According to press reports, they included extending the expiring pieces of the 2017 Tax Cuts and Jobs Act (TCJA); expanding the State and Local Tax (SALT) deduction; enacting tax breaks for goods made in America; cutting taxes on income from tips, overtime pay, and Social Security benefits; and eliminating tax breaks for carried interest and stadium owners.
Depending on the details of these proposals, our rough estimate is that a package of this nature would:
Reduce revenue by $5.0 trillion to $11.2 trillion over ten years.
over ten years. Lower revenue by 1.3 to 3.0 percent of Gross Domestic Product (GDP).
of Gross Domestic Product (GDP). Boost debt to between 132 and 149 percent of GDP by 2035, if not offset, compared to nearly 100 percent today and 118 percent under current law.
Such a package could also lead to significant income shifting and tax avoidance, weaken the Medicare and possibly Social Security trust funds, dramatically boost interest costs, and increase the risk of a debt spiral.
Fiscal Impact of Trump’s Reported Tax Priorities (2026-2035)
Policy Low Est. High Est. Extend the Tax Cuts and Jobs Act $3.9 trillion $4.8 trillion Provide SALT Relief $200 billion $1.2 trillion Cut Taxes on Tips $100 billion $550 billion Cut Taxes on Overtime Pay $250 billion* $3.0 trillion Cut Taxes on Social Security $550 billion' $1.5 trillion Cut Taxes for Domestic Production $100 billion $200 billion Close Carried Interest Loophole, Reduce Tax Benefits for Stadium Owners -$100 billion # Total $5.0 trillion $11.2 trillion
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