According to the Tax Policy Center, an authoritative and nonpartisan economic analysis venture, Former Florida Governor turned Republican presidential candidate Jeb Bush’s proposed tax plan not only loses trillions, it makes inequality worse.
Bush’s tax plan includes reducing the number of income tax brackets, cutting the corporate tax rate to 20 percent and shifting to a territorial tax system, capping the total value of deductions but nearly doubling the standard deduction. The plan also seeks to double income tax credit for those who are both childless and employed and eliminate a loophole that allows fund managers to claim their income as capital gains, NPR reported.
According to the Tax Policy center, the plan would reduce federal revenue by $6.8 trillion in the first decade and increase the national debt by as much as 50 percent by 2036.
Not only that, the data shows the tax cuts are more likely to benefit the wealthy - 39 percent goes to the wealthiest one percent, 10 percent goes to the middle fifth and 2 percent goes to the bottom fifth.
Despite the potential economic disaster Bush’s tax plan could create, it seems unlikely he’ll ever have the chance to implement it. According to the latest national poll conducted by CBS News in conjunction with the New York Times, Bush has just three percent of support from likely Republican primary voters - less than half the support he had in October.