New research by the Center on Budget and Policy Priorities shows in detail the devastating potential impact of Donald Trump’s and Ted Cruz’s tax plans. Astonishingly, each candidate promises to shrink federal revenues and spending back to 1950 levels, which would entail cutting the federal government by 40% or more. Budget cuts would leave most Americans worse off, but the wealthiest 0.1% would be in line for an average annual tax cut of $1.5 million each.