Trump tax cuts would cost more than almost all federal agencies

Republican nominee Donald Trump and his running mate JD Vance are campaigning on a series of tax cut proposals estimated to cost up to $10.5 trillion over the next decade. The tax plans include extending Trump’s 2017 tax cuts, expanding the child tax credit, and introducing exemptions for Social Security payments and tips. These proposed cuts would exceed the combined budgets of all domestic federal agencies.

Analysts warn that if these cuts were passed without offsetting measures, they could drastically increase the national deficit, potentially requiring severe reductions in non-defense government functions. Critics argue the plan lacks sufficient detail on how to fund the cuts or reduce spending elsewhere.

Trump’s campaign has emphasized that increased energy production and reducing wasteful spending would help cover the costs, though specifics remain unclear.