POLITICO analysis (2018): At $2.3 trillion cost, Trump tax cuts leave big gap

[TomCADem]

So, as you hunker down in lockdown due to Trump's denial of the threat of COVID-19 with the economy about to crash, you have to ask, so how are you enjoying that $2.3 trillion Trump tax cut. Yes, despite all the fanfare about the stimulus, it is only the second largest stimulus that was signed by Trump. The big difference was that the $2.3 trillion stimulus was given when the economy was still growing from the Obama years, and the tax cut was tilted in favor the rich.

Yet, despite all of this mismanagement, Americans are supposed to trust Republicans to be more fiscally responsible?

https://www.politico.com/story/2018/02/28/tax-cuts-trump-gop-analysis-430781

Between new cost estimates and the White House’s own budget numbers, the wheels are coming off Republican claims that President Donald Trump’s tax cuts will pay for themselves by generating increased growth and government revenues over the next decade.

“Not only will this tax plan pay for itself but it will pay down debt,” Treasury Secretary Steven Mnuchin famously boasted in September. But his own department’s analysts now peg the 10-year cost at $2.3 trillion given the administration’s assumption that tax breaks for individuals and large estates will be extended past 2025.

POLITICO’s own calculations, working entirely from data in the 2018 and 2019 budgets, indicate that the added revenues generated by the tax cuts themselves would fall substantially short of matching $2.3 trillion.

For the years 2018 to 2027, the shortfall ranges from $1 trillion to $1.3 trillion. In measuring for 2019 to 2028, the picture improves, but the 10-year shortfall still is between $700 billion to $1.1 trillion.