|
11-30-2017, 07:14 PM
|
|
n/a
|
|
Join Date: n/a
Posts: n/a
|
|
"Republicans have made a very big deal pitching their tax reform plan as an elixir for economic growth.
But a new nonpartisan analysis of the Senate tax bill suggests that while it will spur some additional economic growth, it won't be nearly enough to compensate for the full cost of the bill's provisions, which include tax cuts for businesses and individuals.
The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in net new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits.
JCT's macroeconomic analysis -- also known as a dynamic score -- falls far short of Treasury Secretary Steven Mnuchin's oft-made claim that the proposed tax cuts will pay for themselves."
Even with growth, the Senate tax bill still adds $1 trillion to deficits - Nov. 30, 2017
|