Memo To Steven Mnuchin: Trump’s Tax Plan Would Add $7 Trillion To The Debt Over 10 Years

Memo To Steven Mnuchin: Trump’s Tax Plan Would Add $7 Trillion To The Debt Over 10 Years

At his confirmation hearing, Mnuchin insisted that the Trump tax plan wouldn’t add to the debt, after including economic effects. The problem: Unless the tax cuts are offset with spending reductions, increased government borrowing would drive up interest rates and wash away the economic benefits.