BREAKING: OFFICIAL, NONPARTISAN SCORE (JCT) Senate tax bill will explode the debt by $1 TRILLION

[kpete]

BREAKING: OFFICIAL, NONPARTISAN SCORE (JCT): Senate tax bill will explode the debt by $1 TRILLION—even after accounting for economic growth.

Senate GOP tax bill would add $1 trillion to deficit, report says, contradicting White House promise that plan would pay for itself

Senate Republicans’ tax plan would add $1 trillion to the national deficit over 10 years, even after the economic growth that the bill would create is taken into account, Congress’s nonpartisan Joint Committee on Taxation reported.

The analysts projected the plan would increase economic growth by a yearly average of 0.8 percent over the next decade, but they said the tax revenue produced by the growth would fall far short of offsetting the bill’s costs.

Several Senate Republicans have said they would be hesitant to support a bill that adds to the deficit, a potential hurdle for GOP leaders as they seek to pass the measure late Thursday or Friday.

©2017 The Washington Post, 1301 K St NW, Washington DC 20071
https://www.washingtonpost.com/business/economy/2017/11/30/c2118302-d5e7-11e7-a986-d0a9770d9a3e_story.html?utm_term=.8119b2dd76b7

Link to tweet

[budkin]

1. BUT OBAMA

Those "fiscal conservatives..."

[Wellstone ruled]

2. Okay,did not see any

Projections when the Economy tips later next year. And it will. Those who doubt,I give up.

[Achilleaze]

3. Republicans

[rtracey]

4. but

But here is the response I saw on twitter today... it seems to resonate. many on the right responded with " look at the amount of debt the Obama administration ran up from 2008-16..... 9 trillion.... yes we know of the 2007 meltdown and the other aspects of the spending during that time, but thats NOT what the right sees, they just see 9 trillion dollars.....

[spanone]

5. K&R...

[pnwmom]

6. I thought it was 1.4 trillion.

https://www.vox.com/policy-and-politics/2017/11/30/16716860/senate-tax-bill-deficit-trigger

All told, the bill would increase the deficit by $1.4 trillion in the first 10 years, and then uses budget gimmicks and rosy math to make it seem like the national debt is untouched in the long run. Though many have waved away concerns in favor of getting a tax bill done, some conservative purists, like Sens. Jeff Flake (R-AZ), James Lankford (R-OK), and Corker, have signaled that the plan isn’t fiscally conscious enough.

And so they’ve floated a deficit trigger plan — one that in the past 24 hours has taken many shapes, from budget cuts to increasing the corporate tax rate.

[Mr.Bill]

8. Their deficit trigger plan

will raid Social Security and Medicare. Count on it.

[ChiTownDenny]

15. It's textbook Republicanism.

Blow up the deficit then claim there isn't enough money to pay for social safety net programs and they must me cut.

[SunSeeker]

7. K & R for exposure.

[Drahthaardogs]

9. They don't give a fuck.

The poor stay poor and the rich get richer. That is what matters.

[ffr]

10. I can only hope that Mueller's team has the enforcement portion down when it comes time to

lock these motherf-er's up.

[red dog 1]

11. K&R

This doesn't seem to bother John McCain..he's for the Senate tax bill.

I wonder what Susan Collins & Lisa Murkowski think about this new development?
What about Jeff Flake?
(McConnell can get it through if only 2 GOP senators vote No)

[Egnever]

18. Watching the debate on cspan

Collins does not seem at all convinced.

[red dog 1]

24. Yeah, it looks like the Turtle will get his necessary 50 votes

and there's nothing Senate Dems can do to stop it, unfortunately.

[Thor_MN]

12. Accounting for economic growth that has never happened with tax cuts?

Double it to account for their magical thinking.

[groundloop]

14. but but but..... trickle down

We've seen the results of repub trickle down smoke and mirrors before, the result is always the same.

[TomCADem]

13. Which will be used to justify additional cuts...

...which is the plan. Screw the poor and middle class in favor of the 1 percent.

[58Sunliner]

16. I read $1.44 trillion.

[KelleyKramer]

17. This one includes 400 billion in bullshit 'economic growth'

It's a huge giveaway to corporations and the super rich

[DFW]

19. They pull off more magic than Dr. Strange

How can they possibly do the deficit such incredible damage, cut health care for over ten million Americans, invoke double taxation by making state taxes no longer deductible, threaten social security, and still get tens of millions of votes from they very people they will be hurting?

And yet, the Republicans will vote for them like the condemned man who votes for his executioner. The problem is that their executioner is also ours.

[JI7]

20. does one even need to be an expert to know this would happen ?

[UCmeNdc]

21. K&R

[lindysalsagal]

22. Irrelevant, since they don't give a flying *&%.

It is their criminal plan to explode the deficit. and put it all in their own grimy pockets.

[mnmoderatedem]

23. no problem according to Mnuchin

sez the tax plan will not only pay for itself, but will grow to a surplus of 1 trillion.

How that guy can say any of the crap he says with a straight face is beyond me.

[wiggs]

26. And this probably already assumes huge cuts to safety nets set by budget. nt