Thread by @MichaelSLinden

A short thread using MATH to show how bonkers Trump's budget is on the tax side. Get your calculators out... 1/

So, a few weeks ago, Trump released a bunch of tax proposals (mostly tax cuts aimed at rich people) similar to his campaign tax plan. 2/

The total cost of those tax proposals is roughly $6 trillion over the next ten years. 3/

So, in an ordinary budget, you'd see revenue reduced by $6 trillion relative to current policies, right? Everyone with me? 4/

But Trump's budget has revenue going UP by $2 trillion over ten years. He says it's because of the GROWTH effects. 5/

So, that means Trump is assuming that his tax cuts will boost growth so much, it'll bring in $8 trillion in extra revenue! Wow! 6/

That means Trump thinks his tax cuts for rich people will be so awesome, they'll offset 133% of their cost. 7/

To give you a sense of how CRAZYPANTS (that's a technical econ term, no biggie) that is, take a look at the @taxfoundation. 8/

Now, the @taxfoundation likes tax cuts. They really like tax cuts. They think tax cuts are super swell. And a few years ago...9/

...they estimated how much tax cuts would produce in growth effects to offset their regular cost. They found it was [drum roll]...10/

30 percent! And remember, this an organization that loves tax cuts. JCT and CBO think 30% is pushing it. 11/

So, even the most tax cut-friendly place thinks tax cuts can pay for, at most, 30% of their cost. But Trump's budget has it at 133%. Hm. 12/

To recap:

1. Trump's tax cuts cost $6 trillion.
2. His budget assumes they'll get $2 trillion in new revenue.
3. That's nuts.