Tax plan could cost $5.5 trillion

[struggle4progress]

by Jeanne Sahadi
April 27, 2017: 2:23 PM ET

... the Committee for a Responsible Federal Budget did a rough cost estimate .. and concluded they could cost $5.5 trillion in lost revenue during the first decade.

CRFB estimates the overall cost could go as high as $7 trillion if limits on tax breaks that the plan suggests apply only to high earners. Or the cost could fall to $3 trillion "assuming credits and exclusions are eliminated as well as deductions."

... Treasury Secretary Steven Mnuchin has asserted more than once that the tax plan will pay for itself by generating a lot of growth because the proposed changes will spur investment and create jobs.

CRFB doesn't buy it, noting that even if tax cuts create more growth than it estimates, there's "no plausible amount" that can offset the lion's share of the plan's cost ...

http://money.cnn.com/2017/04/27/news/economy/trump-tax-plan-debt/

[Turbineguy]

1. But that money will be well spent

by giving it to the rich.