The non-partisan Joint Tax Committee delivered a rush-job analysis Thursday of the tax bill Republicans are throttling through Congress, and the so-called deficit hawks don’t have a leg to stand on. Even under “dynamic scoring”—which should favor the GOP point of view—this bill will cost $1 trillion more than it generates in new revenues.
For those who want something more specific, the GOP tax bill is projected to cost about $1.4 trillion over 10 years (under the best of circumstances), which will only be offset by about $400 billion in revenue generation.
The growth generated by the proposal is projected to reduce the revenue loss from the proposal by about $458 billion over the 2018-2027 budget period. At the same time, an increase in interest rates generated by the increase in Federal debt is expected to increase the cost of Federal debt service by about $51 billion over the budget window. Overall,the budgetary effects of changes in economic growth are projected to reduce the deficit by $407billion during the budget window.
Meaning it will add a total of $1 trillion to the debt, at least.
Any deficit hawk or self-proclaimed advocate for fiscal responsibility (looking at you Sens. Bob Corker, Jeff Flake, Ron Johnson, and others) will totally betray everything they say they stand for by voting for this bill.
Also, Treasury Sec. Steve Mnuchin has been entirely lying about the bill paying for itself.
Sen. John McCain was also lying when he said the bill would “directly benefit all Americans.” The Center on Budget and Policy Priorities writes:
Millions of households would face tax increases or get little from the Senate tax bill – even before most of its individual income tax provisions would sunset in 2025, new Joint Committee on Taxation (JCT) estimates released yesterday show. Nevertheless, in expressing his support for the bill today, Senator John McCain claimed that the Senate bill “would directly benefit all Americans.” The JCT figures show that’s not the case.
Democratic Sen. Ron Wyden said today’s JCT release “ends the fantasy” that the GOP tax cuts will “pay for themselves.”
"It is the total opposite of what the Senate sponsors and the Trump administration have been claiming for months."
Unfortunately, the notion that Republicans would suddenly sober up once faced with actual facts has already been disproven.