Donald Trump’s plan to slash taxes on businesses would cost the U.S. economy more than $1 trillion, according to a law professor.
The plan, known as the “Billionaire’s Tax,” would eliminate tax deductions, credits, and other tax breaks that most Americans rely on.
But that would leave many businesses with little incentive to invest or hire, the University of Virginia law professor said.
The U.K.-based law school professor told Bloomberg Television on Thursday that a tax cut for business owners could cost the economy $500 billion in lost wages over 10 years, or as much as $2 trillion over the same period.
He added that Trump’s proposal would also leave the country’s working class with few options to find employment.