House GOP tax plan would fall $1.3 trillion short of paying for itself, study finds

[Eugene]

Source: Washington Post

House GOP tax plan would fall $1.3 trillion short of paying for itself, study finds

By Damian Paletta November 20 at 4:34 PM

The House Republican tax plan would add $1.3 trillion to the national debt over a decade, even after accounting for new economic growth from the bill, according to a nonpartisan study released Monday.

The nonpartisan Tax Policy Center is the third outside group to conclude that the bill would add to the deficit, contradicting Republicans’ claim that the bill would effectively pay for itself via a surge in economic growth.

The Tax Policy Center found that the economic growth the bill would create would add $169 billion in additional tax revenue over the next decade. But that would be far outweighed by $1.436 trillion in revenue losses over the decade due to the bill’s tax cuts, leaving the bill with a net addition to the deficit of $1.266 trillion.

The Tax Policy Center found that the House Republican tax-cut package would add 0.6 percent to U.S. gross domestic product in 2018 but just 0.3 percent in 2027.

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Read more: https://www.washingtonpost.com/news/business/wp/2017/11/20/house-gop-tax-plan-would-fall-1-3-trillion-short-of-paying-for-itself-study-finds/

[Eliot Rosewater]

1. Does that mean they need 60 votes?

[unblock]

5. no. the budget they passed allows for a $1.5 trillion deficit.

so they only have to come in under $1.5 trillion over the next 10 years.

also, they can't add anything to the deficit after 10 years, which is why they made the breaks for individuals expires before then.

in any event, this particular analysis is from an outside group. only the congressional budget office's scoring matters for purposes of the reconciliation rules.

[bronxiteforever]

2. Kick and recommend for visibility

[PSPS]

3. $1.5 trillion is the threshold they have to keep it under to jam it through.

[Alice11111]

4. This is a huge permanent dent to our country. It will

make the middle class and poor get poorer and poorer, as time goes on. They are pushing it through so fast with so much BS, lying backwards and forwards, that 90pc of the people have no idea how it will impact them or our country, for generations.