According to the non-partisan Joint Committee On Taxation report, the Republican tax cut bill wouldn’t pay for itself but would blow a $1 trillion hole in the deficit.
The Wall Street Journal summed it up, “The bill, which includes $1.4 trillion in net tax cuts over a decade, would make up for just $458 billion of that, or less than one-third of its cost, through economic growth, the analysis said. The bill also would increase federal interest costs by about $51 billion over a decade. That means the net cost of the bill would be about $1 trillion over a decade, the report said.”
That’s bad, but what’s worse is who will be paying for it:
JCT on effects of Senate tax bill in 2027:
those earning $200K+: $12.9B tax cut
those earning $30-50K: $12.9B tax increase
— John Harwood (@JohnJHarwood) November 30, 2017
If you earn $30,000-$50,000 a year, you’re going to be paying for tax cuts for millionaires, billionaires, and corporations.
Also, the tax cuts aren’t going to bring magic economic growth:
The JCT score implies an annual increase in economic growth of just 0.15%. For those of you doing math at home, this is far far lower than the magic fantasy 0.4% they were promising.
— Topher Spiro (@TopherSpiro) November 30, 2017
This bill is a total fraud. It is a crime against the working people of the country, and if it can’t be defeated, it must be remembered next November.