Wonkbook: Donald Trump is cutting down his tax breaks for the rich

By Jim Tankersley A team of advisers to Republican presidential nominee Donald Trump are nearing completion on a rewrite of his tax-cutting proposal, with the new plan likely to be released next week or in early August, and likely to blow a much smaller hole in the federal budget than Trump's original proposal. Stephen Moore, a …   The latest economic and domestic policy from Wonkblog   U.S. Republican Presidential Nominee Donald Trump is shown on a video monitor as he speaks live to the crowd from New York at the Republican National Convention in Cleveland, Ohio on Tuesday. REUTERS/Mike Segar By Jim Tankersley A team of advisers to Republican presidential nominee Donald Trump are nearing completion on a rewrite of his tax-cutting proposal, with the new plan likely to be released next week or in early August, and likely to blow a much smaller hole in the federal budget than Trump's original proposal. Stephen Moore, a leading advocate of supply-side economic policies and one of the authors of the revamped Trump tax plan, said in an interview Wednesday that the advisers -- and Trump himself -- are still wrestling with key details that could alter the plan's budgetary cost and its potential effects on the economy. Depending on those decisions, Moore said, the cost of the plan could fall by two-thirds, to an estimated $200 billion a year, which would need to be offset by spending cuts. Read the rest on Wonkblog. Chart of the day Measuring poverty is a tricky business, but by one measure, the number of poor Americans has declined over the past half century. Max Ehrenfreund has more. Top policy tweets "New paper with @Econ_Marshall: Supply-side explanations for labor-market mobility fail, we need to look at demand. https://t.co/472oQyVkGK" -- @rortybomb "The part of CLE economic story Trump doesn't tell https://t.co/N4lgmFr50w" -- @amyhanauer "Donald Trump's NATO comments are the scariest thing he's said https://t.co/TmGNiczPzX" -- @zackbeauchamp ADVERTISEMENT   Most Recent Posts from Wonkblog The critical difference between Republicans and Democrats that explains the presidential campaign Why Trump easily won over Republicans while Clinton had to fight to win Democrats By Robb Willer and Chadly Stern  •  Read more »   It takes way too long to build new housing in expensive cities What's holding back more housing in cities that really need it. By Emily Badger  •  Read more »   Why it became almost impossible for the Trumps to insist Melania’s plagiarism was coincidence One striking chart shows why it was nearly inconceivable that Melania Trump's speech wasn't partly plagiarized. By Kim Soffen  •  Read more »   Donald Trump is cutting down his tax breaks for the rich He plans to release a rewrite of his tax-cutting proposal soon By Jim Tankersley  •  Read more »   The truth behind Paul Ryan’s claim that poverty is worse under Obama It depends on how you define "poverty." By Max Ehrenfreund  •  Read more »   Inside Donald Trump’s strategy to win back women This could be one of the toughest jobs in politics By Danielle Paquette  •  Read more »   Researchers got people drunk or high, then made a fascinating discovery about how we respond Researchers have finally figured out why you're such a mean drunk. By Christopher Ingraham  •  Read more »   ADVERTISEMENT   Recommended for you   Federal Insider Federal news and policy update, in your inbox daily. Sign Up »         Share Wonkbook:       Twitter      Facebook Trouble reading? Click here to view in your browser. You received this email because you signed up for a Wonkblog newsletter. For additional free newsletters or to manage your newsletters, click here. We respect your privacy. If you believe that this email has been sent to you in error or you no longer wish to receive email from The Washington Post, click here. Contact us for help. ©2016 The Washington Post, 1301 K St NW, Washington DC 20071