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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJoint Committee on Taxation: New tax law WILL NOT pay for itself
http://thehill.com/policy/finance/366235-jct-new-tax-law-wont-pay-for-itselfCongress's tax scorekeeper said Friday that the tax-cut package President Trump signed earlier in the day won't fully pay for itself through economic growth.
After accounting for macroeconomic effects, the bill would reduce federal revenue by $1.07 trillion over 10 years, according to the Joint Committee on Taxation (JCT).
While that's less than the $1.46 trillion price tag the JCT put on the bill before accounting for economic growth, the committee says the bill still isn't close to being deficit-neutral.
The JCT's report was released hours after Trump signed the tax package into law at the White House. The president said that the tax cuts will be "fantastic for the economy."
The Treasury Department had said that an earlier version of the tax package, along with regulatory reform, infrastructure development and welfare reform, would produce enough economic growth to pay for the tax cuts. That analysis was widely criticized by tax experts as well as by Democratic lawmakers.
After accounting for macroeconomic effects, the bill would reduce federal revenue by $1.07 trillion over 10 years, according to the Joint Committee on Taxation (JCT).
While that's less than the $1.46 trillion price tag the JCT put on the bill before accounting for economic growth, the committee says the bill still isn't close to being deficit-neutral.
The JCT's report was released hours after Trump signed the tax package into law at the White House. The president said that the tax cuts will be "fantastic for the economy."
The Treasury Department had said that an earlier version of the tax package, along with regulatory reform, infrastructure development and welfare reform, would produce enough economic growth to pay for the tax cuts. That analysis was widely criticized by tax experts as well as by Democratic lawmakers.
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Joint Committee on Taxation: New tax law WILL NOT pay for itself (Original Post)
CousinIT
Dec 2017
OP
Any one who thinks trickle down works is likely to respond to Nigerian Prince emails.
stevebreeze
Dec 2017
#2
marybourg
(12,633 posts)1. Repeal and Replace. nt
stevebreeze
(1,877 posts)2. Any one who thinks trickle down works is likely to respond to Nigerian Prince emails.
Squinch
(50,977 posts)3. Us to the Joint Committee on Taxation: "Duh."