ADVISORS: "Post-election update and year-end tax planning" webcast replay. | What's next for taxes, spending, and the economy.

President-elect Trump's economic priorities

President-elect Donald J. Trump's goals for changing taxes and spending, if approved by Congress, could provide stimulus to the economy and add to the national debt, according to some third-party projections.

10-YEAR BUDGET PROJECTIONS

Trump's proposed budget ideas would slash spending and expand the nation's deficit substantially if projected over the coming decade.

Source: Committee for a Responsible Federal Budget. Estimates as of September 22, 2016.

TAX PRIORITIES

Trump's plan favors a supply-side approach that expects to generate higher GDP growth by using tax cuts to increase the spending power of businesses and consumers.

Source: donaldjtrump.com

Taxes to be eliminated

  • Alternative minimum tax
  • Estate and gift taxes
  • Obamacare Medicare surcharge

Taxes to be reduced

Individual income tax rates

INCOME TAX PROPOSALS

If Trump's tax plans were enacted for 2017, taxpayers across the lower four quintiles could see an estimated 1% to 2% increase in after-tax income next year, while the highest income level could experience an estimated 6.6% average increase, according to projections.

Source: Tax Policy Center of the Urban Institute & Brookings Institution. Estimates as of October 18, 2016.

DEBT IMPACT

The federal debt is expected to continue to increase, with Trump's plan potentially pushing debt to 105% of current projected GDP over the next decade according to the Committee for a Responsible Federal Budget, a bipartisan think tank, although estimates vary.

Source: Committee for a Responsible Federal Budget. Estimates as of September 22, 2016.