I wonder if Donald Trump's announcement of his tax policy will help or hurt him?
Some facts:
TRUMP: "It reduces or eliminates most of the deductions and loopholes available to special interests and to the very rich. In other words, it's going to cost me a fortune."
THE FACTS: Only Trump and his accountant can be sure, since he doesn't specify which deductions and loopholes he plans to eliminate and has yet to release any of his tax returns.
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His proposal to eliminate the 40 percent tax on inheritances of more than $5.4 million would allow him to pass his estate to heirs tax-free, a savings worth billions given his self-estimated net worth of more than $10 billion.
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TRUMP: "It will provide major tax relief for middle income, and for most other Americans, there will be a major reduction."
THE FACTS: Trump's plan will undoubtedly reduce the amount Americans pay in income taxes. The Tax Foundation, which advocates for lower tax rates, said Tuesday its estimates the cost of Trump's tax cuts at nearly $12 trillion over the next decade.
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TRUMP: "And all of this does not add to our debt or our deficit."
THE FACTS: In order for Trump's tax rate reductions to be what's known in Washington parlance as "revenue neutral," he would have to offset them in some way. Several tax experts, even those who like Trump's reduction in rates, said his plan appears unable to do so.
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TRUMP: "We are reducing taxes, but at the same time if I win, if I become president, we will be able to cut so much money and have a better country. We won't be losing anything other than we will be balancing budgets and getting them where they should be."
THE FACTS: Even if Trump's tax plan wound up being revenue neutral, it wouldn't bring in enough money to balance the budget.
