Study: GOP tax plan would cost $2.4 trillion

[DonViejo]

Source: The Hill



BY NIV ELIS - 10/27/17 02:59 PM EDT

The GOP's tax plan would cause revenue to drop between $2.4 trillion and $2.5 trillion over the course of a decade, even after economic growth is taken into account, according to an analysis from the Urban-Brookings Tax Policy Center.

The Tax Policy Center's initial September analysis of the plan drew fire from some conservatives for not including the effects of economic growth on revenues.

The updated report found almost no difference with growth effects, called dynamic scoring. "The outline would reduce federal tax revenue by roughly $2.4 [trillion] over the next decade, nearly the same as under conventional scoring," the Tax Policy Center's Howard Gleckman wrote in a blog post on the matter.

In the second decade, the center added, revenues would fall by $3.4 trillion. "While the Framework’s tax rate cuts would generate new economic activity at first, those growth effects would be washed out in a few years by the effects of higher budget deficits. Because the federal government would have to borrow more to finance the tax cuts, less money would be available for private investment," Gleckman wrote.



Read more: http://thehill.com/policy/finance/357543-study-gop-tax-plan-would-cost-24-trillion

[sandensea]

1. Welcome back, trillion-dollar deficits.

You've never had anything to show in return; but we missed ya.

[democratisphere]

2. The wealthiest receive 80% of the tax cut benefits and they have plenty

to show for it. Congress needs a course in elementary school math.

[sandensea]

3. Right you are.

Many a Cayman Island account will have plenty to show for this.

The rest of us - and the nation - not so much.

[cstanleytech]

6. Nope the Repugnants knew this would happen all they care about is getting more money

In their own pockets and more money for the wealthy that are bribing them to do this.

[DK504]

4. I have to wonder what the oh so courageous

and brave maverick senators will do what needs to be done to keep America afloat. Will McCain demand regular order or will we be screwed again or will they all fall in line with their new Orange Overlord.

[dalton99a]

5. Fiscal conservatives at work - stealing and looting

and running up debts

[jmowreader]

7. The GOP complained about Obama's deficits, right?

If anyone still believed the Republicans were the party of fiscal discipline...well, this fucked up that theory for all time.

And I really, really despise the theory of "dynamic scoring." According to this disreputable, and repeatedly disproven, bizarre idea, tax cuts instantly rev up a moribund economy. (Tax cuts also slow down a too-fertile economy, which brings up the next point: how is a tax cut to know what it's supposed to do?) What accelerates an economy is leaving taxes the fuck alone and spending like an aircraft carrier full of drunken sailors, but it has to be the right KIND of spending. It's got to be things like new roads and new schools, not new guns we'll never use.

[SergeStorms]

8. According to the Trump administration....

the economy - right now - is better than it's ever been in the history of the world! How do you improve upon "perfection"? If "dynamic scoring" were so effective, wouldn't George Bush's tax cuts still be producing dividends?

It seems the GOP wants things all ways. And by 'all ways' I mean they want to stick the next President (certainly a Democrat) with massive deficits, AGAIN , like they always do when they give massive tax cuts to the wealthy. They're playing a broken record, same tune, same skip in the music, and will magically become FISCALLY RESPONSIBLE again when a Democratic administration inherits the mess they've created.

[bronxiteforever]

9. "As a dog returns to his vomit, so a fool repeats his folly"

is an aphorism which appears in the Book of Proverbs in the Bible — Proverbs 26:11 , also partially quoted in the New Testament, 2 Peter

[neverforget]

10. A Republican friend of mine voted for Trump SPECIFICALLY for

reducing the debt. I told him this is what would happen and that deficits only matter to Republicans when Democrats are in charge. Sucker.

[turbinetree]

11. Talk about the irresponsibility of right wing hacks, this article from the hill underscores this BS

GOP plans tax blitzkrieg


Congressional Republicans are feeling enormous pressure to deliver a win on tax reform before Christmas Day.

http://thehill.com/homenews/senate/357590-gop-plans-tax-blitzkrieg


Never mind that there traitor boss, the fomenting of there party to normalize the "Malignant Normality" with orange hair of treason and corruption first, they want tax cuts, and the outright attempt to undermine the Mueller investigation (to create a cover-up to deflect the treason and corruption, just look at your Grassley and Nunes BS they did this last week) just shows the corrupt principles of the right wing malfeasance republican party know matter what you call yourselves, the f*cking Freedom party------that is a joke, the Freedom Caucus, that's a f*cking joke, your all republicans, and you are nothing more than treasonous assholes, staring with Nixon to the present-------------------and all your party does is create side shows to hide your BS behind unpatriotic acronyms called Freedom, and wanting a tax cut---------ha

[BREMPRO]

12. Sick of this repeated revival of failed "supply side/trickle down" economics. it's an immoral,

bankrupt policy that should have been buried the first time (and every successive time) it failed and ballooned deficits/deficit payments 4 decades ago. This proposal despite Kansas's obvious recent failure to add to the trashheap of economic policy history. But Reputins sponsors want their tax cuts so....

[riversedge]

13. Whow. just whow!

[Yupster]

14. I went to a corporate meeting this week

I work for a very large brokerage firm. We have more branch offices in the US than Starbucks.

Anyway, the value of our clients investments passed the trillion dollar mark recently. Kind of a celebration.

All I could think of was the US govt owes $ 20 trillion.

That means if you take all the investments from the millions of American families my company works with, you wouldn't even make a dent in the government debt. We're in deep shit.

[Bengus81]

15. Deficits don't matter when it comes to fat tax cuts for the rich--just ask Cheney

[n2doc]

16. All part of the plan

[Moral Compass]

17. Doesn't this violate budget reconciliation rules?

My understanding was that to get this tax fraud bill through with 50 votes (Pence is the tie breaker) the bill has to only cost the federal treasury $1.5 trillion over 10 years.

Since it is clear that in this form it violates that doesn't it become susceptible to filibuster?

(An additional general comment. What these traitors are doing is obscene.

This bill will almost certainly not ignite growth. Most likely it will cause economic contraction. That windfall that corporations get? They haven't spent any of the other additional revenues due to previous tax cuts by raising wages or adding employees. What makes anyone think they will this time?

Instead they will continue to move production facilities to lower wage regions and will continue to invest heavily in robotics and AI.

These thieves don't even believe their own bullshit. This will accomplish two ends. One, they get a tax cut and the Republicans always love those. Two, they'll be able to go after Medicare/Social Security/Medicaid even more than now. Get a Democrat in office and they can go back to howling about the deficit.)

[Initech]

18. Hey Republicans!!! This is WASTEFUL GOVERNMENT SPENDING!!!!