GOP tax plan would increase federal deficits substantially, new analysis shows

[brooklynite]

Source: CNBC

A new nonpartisan analysis highlights a pitfall of the House GOP tax plan.

The report shows that the House GOP bill would increase federal deficits substantially in both the short-run and the long-run in ways that would vastly increase the difficulty of passing it in the Senate. The report comes from the University of Pennsylvania's Penn-Wharton economic model directed by Kent Smetters, a former economic advisor to President George W. Bush.

The Penn-Wharton model shows that the House GOP tax bill would reduce tax revenue by $1.7 trillion over the next 10 years. That exceeds the $1.5 trillion permitted under the budget "reconciliation" rules that allow Senate Republicans to sidestep Democratic filibusters.

UPDATE: The Tax Policy Center has issued a statement saying it found an error in its analysis involving the child tax credit component of the proposed legislation. The center said it is revising its analysis and will release a corrected version soon.

Read more: https://www.cnbc.com/2017/11/06/gop-tax-plan-overwhelmingly-favors-the-wealthy-and-might-stall-in-senate-new-analyses-show.html

[BigmanPigman]

1. How come the GOP always wants to balance the budget and make cuts when we have

Dem presidents, but it is just the opposite when th sitting president is a Repub? Do they think we have no memories at all?

[Cosmocat]

5. Yes they do and they are correct

Not you and me, but "we" as a country.

[kimbutgar]

2. Why do millionaires and billionaires need more tax cuts when they offshore and hide their money

Wilbur Ross....

[SteelSmasher]

3. Thanks but

No one needed an analysis to know that.
I just kind of assumed
GOP in control = $100 billion per year tax cut to the richest people and companies

[chelsea0011]

4. Biggest myth in politics is that Republicans are better for the economy than Dems.

I don't know after all these years why they still get away with it.

[ProfessorGAC]

8. Especially Since There's Actual Data To Prove Otherwise

It's not an opinion. It's factual and can be gleaned from mountains of data that the economy, and the middle class, fare better when dems are in charge. And, dems don't try to cut aid to poor people.

And, in the 60's and 90's and during BHO, the richest still did VERY well.

[7962]

6. This news also just in: Pope reveals he is a Catholic. nt

[Scarsdale]

7. Calm down.

The gop will rush this through, knowing the next president is likely to be a democratic nominee. That president will try to fix all this mess, and they will fight them every step of the way, just as they did with President Obama. Stupid people will STILL vote for them because "God and guns", so then it is business as usual.

[ffr]

9. Deficits are created by tax cuts. If you don't pay now, you pay later with interest.

Tax cuts by the Russians, I mean Republicans, is always a bad idea.