According to statements from Presidential hopeful Donald Trump, he will not make cuts to Medicare, Medicaid or Social Security. Spending on those three programs (nearly $1.9 trillion in the past year) accounts for more than half of all government spending ($3.7 trillion) and is a big driver of growth in the long-term debt
While Medicare and Medicaid are far bigger drivers than Social Security, that program is nevertheless facing a potential cut in benefits of 21% by 2034 if no reforms – either tax increases or benefit changes – are made.
The Trump tax plan includes deep tax cuts for individuals and businesses alike. And, he said, “all of this does not add to our debt or our deficit.” He outlining the tax plan on the campaign website says the “tax cuts are fully paid for” by reducing or eliminating some individual and corporate tax preferences, and by repatriating corporate cash held overseas.