Susan Walsh / AP

After Steve Mnuchin and Gary Cohn announced Trump's long-awaited tax reform plan today, Cowen and Company — a DC based consulting firm for investment banks — sent a document to Axios arguing that it left more questions than answers.

"What the Trump Administration has proposed is not permanent tax reform, but a ten-year tax cut and the creation of the most phenomenal fiscal cliff ever in 2028," read the company's statement.

Cowen pointed out some of the missing pieces from the plan, which they considered critical to understanding it:

  • Border Adjustment Tax (BAT) that would raise $1.1 trillion over 10 years.
  • Net Interest Deduction Elimination, raises $1.2 trillion over 10 years. "So without this or BAT, add $2.3T onto government credit card."
  • "President Trump's Personal Tax Returns. Democrats have said they will not even begin negotiating until his returns are made public."

Why 10 years? If the bill increases the deficit over the 10-year budget window — which it is almost certainly expected to considering the Trump admin hasn't put forth a clear way to pay for the plan — "the underlying section of the bill sunsets/expires after 10 years (just like the 2001 and 2003 Bush Tax Cuts that created the Fiscal Cliff in 2012)."

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