Trump Tax Cuts’ Cost Estimated at $5T to $11T

What You Need To Know

• Some of the president's proposals affect Social Security, overtime pay, tips and SALT deductions.
• Trump proposed a few tax increases, including eliminating the carried interest deduction and ending tax breaks for sports team owners.
• Even without new tax cuts, the national debt will rise because of the cost of Social Security and Medicare benefits for retiring Baby Boomers and interest payments on existing debt.