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President Trump's tax plan could cost $5.5 trillion

President Trump's proposal to slash taxes for businesses and families could cost the nation $5.5 trillion, the bipartisan Committee for a Responsible Federal Budget revealed Wednesday. Trump's tax proposal, which he unveiled Wednesday, includes plans to cut the corporate tax rate from 35 percent to 15 percent and to whittle the seven existing tax brackets down to three rates of 10, 25, and 35 percent.

While Trump may bill his plan as family-friendly, the CRFB noted in its fiscal tax check that it could "drive up the federal debt, harming economic growth instead of boosting it" if "adequate offsets" aren't put in place. "With interest costs, a $5.5 trillion tax plan would be enough to increase debt to 111 percent of Gross Domestic Product (compared to 89 percent of GDP in CBO's baseline) by 2027," the CRFB wrote. "That would be higher than any time in U.S. history, and no achievable amount of economic growth could finance it."

Read the full report here.