New Nonpartisan Analysis Proves Republicans Have Been Lying About Tax Plan Deficit
Even under rosiest projections, the GOP tax bill would cause $1 trillion deficit.
The GOP tax scam keeps getting worse and worse.
A new analysis by the nonpartisan Joint Committee on Taxation found that even under the rosiest projections, the GOP tax plan will not pay for itself. In fact, it will leave a massive $1 trillion deficit.
Republicans have argued that prior deficit projections were not accurate because they don’t account for economic growth. So Republicans called for what’s known as dynamic scoring. Well, that is exactly what the Joint Committee on Taxation did – and it proved conclusively that the Republican tax plan will blow a giant $1 trillion hole in the budget.
According to the Joint Committee on Taxation, the Senate bill would only raise about $450 billion in new revenue from economic growth over the next decade meaning that there would still be $1 trillion in lost revenue.
Republicans make a lot of noise about deficits when they are out of power, but the moment they get control of Washington they seem to have no issue racking up giant deficits – especially to pay tax cuts for the rich.
The Senate tax bill would raise only $458 billion in increased revenue from economic growth over the next decade and will increase the deficit by more than $1 trillion, according to the Joint Committee on Taxation. It would increase GDP by .8 percent relative to current law over 10 years.
Of course Republicans are already suggesting that they will make up the massive deficit with cuts to Medicare, Medicaid and Social Security.
