Fox News’ Shepard Smith revealed Thursday that economists believe most of the GOP presidential candidates’ tax plans would drive up the U.S. National debt and in some cases, increase what the American people would owe by trillions of dollars over the next decade.
Smith invited Fox Business Network’s Peter Barnes on the show to discussed the differences each plan. According to Smith, each candidate claims their proposal would jump-start economic growth despite findings from economists and The Tax Foundation which suggest otherwise.
Jeb Bush’s plan would reduce the seven current personal income tax brackets to three with the top rate of 28 percent instead of 39.6. While Marco Rubio wants two personal tax brackets with a top tax rate of 35 percent, with no capital gains tax and corporate tax rate of 25 percent.
However, Donald Trump’s plan takes the cake when it comes to ballooning the nation’s dept. Trump proposes three brackets with a 25 percent top rate, 20 percent capital gains and a 15 percent top corporate tax rate.
The Tax Foundation estimates Bush’s plan would add roughly $1.6 trillion more to the national debt, $3.6 trillion for Cruz and as much as $10 trillion more for Trump.
Watch, via MMFA: