Trump’s trillion-dollar tax cuts are spiralling out of controlSubscribeEnterpriseLog inMenuSkip to contentSubscribeEnterpriseLog inMenuThe world in briefCatch up on global daily news1843 magazineDive into compelling long readsPodcastsTune into engaging conversationsVideoWatch engaging short filmsDigital eventsGain insights from expertsNewslettersCurated news, direct to your inboxCurrent topicsWar in the Middle EastWar in UkraineThe World Ahead 2025Climate changeGeopoliticsThe world economyArtificial intelligenceUS presidential trackerCurrent topicsWar in the Middle EastWar in UkraineThe World Ahead 2025Climate changeGeopoliticsThe world economyArtificial intelligenceUS presidential trackerWorldWorldThe world this weekChinaUnited StatesEuropeBritainMiddle East & AfricaAsiaThe AmericasInternationalBusiness & economicsBusiness & economicsFinance & economicsBusinessBig Mac indexEconomic & financial indicatorsOpinionOpinionLeadersLetters to the editorBy InvitationIn depthIn depthScience & technologyBriefingGraphic detailInteractivesThe Economist explainsSpecial reportsTechnology QuarterlyEssaySchools briefCulture & societyCulture & societyCultureThe Economist readsObituaryWeekly editionWeekly editionThis weekPast editionsWeekly editionThe world in briefWar in the Middle EastWar in UkraineThe world economyArtificial intelligenceClimate changeArchive 1945German election 2025Dateline quizMy EconomistUnlimited digital access to all reporting, podcasts, newsletters and eventsSubscribeSUBSCRIBER BENEFITSPodcastsNewslettersVideoLive virtual eventsThe Economist appEspresso appSaved storiesAccountLog outFinance & economics | Everyone winsTrump’s trillion-dollar tax cuts are spiralling out of controlHis zany promises would blow up the deficitPhotograph: Reuters Oct 17th 2024|Washington, DCShareFor American policy wonks, the final stretch of the presidential election has given rise to a new parlour game. What is the next tax that Donald Trump will promise to cut? The Republican candidate has trotted out a range of pledges, from no taxes on overtime work to no taxes on retirement benefits. Last week alone he proposed three new exemptions, including making interest on car loans tax-deductible. It is easy to figure out what Mr Trump hopes to gain. Yet the economic implications are dispiriting: not just a bigger fiscal deficit but a much messier tax code.Explore moreThe US elections of 2024ElectionsDonald TrumpEconomyThis article appeared in the Finance & economics section of the print edition under the headline “Blue-sky thinking”Finance & economics October 19th 2024Inside the secret oil trade that funds Iran’s warsWhy investors should still avoid Chinese stocksGermany’s economy goes from bad to worseTrump’s trillion-dollar tax cuts are spiralling out of controlAn economics Nobel for work on why nations succeed and failFrom the October 19th 2024 editionDiscover stories from this section and more in the list of contentsExplore the editionShareReuse this contentMore from Finance & economicsAmerican inflation looks increasingly worryingTrump’s tariffs are fuelling consumer concerns, which may prove self-fulfillingWill Europe return to Putin’s gas?A deal with the devil would boost the continent’s miserable economyCheap solar power is sending electrical grids into a death spiralPakistan and South Africa provide a warning for other countriesRussian inflation is too high. Does that matter?In a strong economy, price pressure can endure for a long timeWhy you should repay your mortgage earlyFor the first time in decades, the arithmetic suggests settling housing loansHow AI will divide the best from the restOptimists hope the technology will be a great equaliser. Instead, it looks likely to widen social dividesLinkedInInstagramFacebookXTikTokYouTubeWhatsAppGet The Economist app on iOS or AndroidThe EconomistThe EconomistAboutReuse our contentSubscribeEconomist EnterpriseSecureDropThe Economist GroupThe Economist GroupThe Economist GroupEconomist IntelligenceEconomist ImpactEconomist Impact EventsEconomist Education CoursesContactContactHelp and supportAdvertisePress centreCareersCareersWorking hereExecutive JobsTo enhance your experience and ensure our website runs smoothly, we use cookies and similar technologies.Manage cookiesTerms of usePrivacyCookie PolicyAccessibilityModern Slavery StatementSitemapYour Data RightsCopyright © The Economist Newspaper Limited 2025. All rights reserved.


Id like tax exemptions on tips and OT. Regardless of who actually does it. Be a game changer for alotta struggling people immediately