Why is Donald Trump planning to give away $700 billion — that’s billion, with a “b” — to foreigners, no strings attached? You probably didn’t know that he’s planning to do this. In fact, he himself almost surely has no idea that he’s planning to do this. But it would be one clearly predictable consequence of the tax “reform” he and his congressional allies are trying to pass.

Some features of the Trump tax plan are still up in the air. For example, we don’t know exactly how upper-middle-class taxpayers will be punished — will they lose their deduction on state and local taxes, some of their tax breaks on retirement accounts, or something else? But the core of the plan is clearly an enormous cut in taxes on corporate profits, which the nonpartisan Tax Policy Center estimates at $2 trillion over the next decade.

Now, the administration claims that all of this tax cut will be passed on to workers in the form of higher wages. In fact, it claims that the wage gains from the tax cut will be several times as large as the revenue loss.

Few independent analysts believe this. In fact, the administration itself doesn’t believe it. Recently Steven Mnuchin, the Treasury secretary, warned that stocks will crash if Congress doesn’t pass tax cuts. But why would stocks crash if all the benefits go to wages rather than profits?