G.O.P. Seeks More Offsets After Analysis Says Tax Bill Adds $1 Trillion to Deficit
- 7 years ago
G.O.P. Seeks More Offsets After Analysis Says Tax Bill Adds $1 Trillion to Deficit
And given that leading economists have projected the Senate tax bill will deliver significantly higher amounts of economic growth
and federal revenue than the Joint Committee on Taxation (JCT) reports, the findings of JCT are curious and deserve further scrutiny.”
Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee, said the analysis
“ends the fantasy about magical growth and claims that tax cuts pay for themselves.”
“What it proves is that this bill offers very little other than a holiday bonanza to multinational corporations and special interests,” he said.
The congressional Joint Committee on Taxation said Wednesday afternoon
that the Senate tax bill would add $1 trillion to federal budget deficits over the next decade, even after accounting for additional economic growth, a major blow to Republicans’ contention that the $1.5 trillion tax cuts in the bill will pay for themselves through growth.
Mr. Franks said such a provision would make it impossible for businesses to be able to “predict the economic environment.”
“If you had a gun at your head everywhere you go,” he said, “it’s going to probably cause you not to be able to concentrate as well.”
That issue seems to have been resolved by the Senate parliamentarian, who said such a mechanism is not allowed to be included in the bill.
“If my Republican friends close the door on their partisan tax bill tonight,”
he said, “they will find an open door for bipartisan tax reform tomorrow.”
“The Failing @nytimes, the pipe organ for the Democrat Party, has become a virtual lobbyist
for them with regard to our massive Tax Cut Bill,” Mr. Trump wrote in one of his posts.
And given that leading economists have projected the Senate tax bill will deliver significantly higher amounts of economic growth
and federal revenue than the Joint Committee on Taxation (JCT) reports, the findings of JCT are curious and deserve further scrutiny.”
Senator Ron Wyden of Oregon, the top Democrat on the Finance Committee, said the analysis
“ends the fantasy about magical growth and claims that tax cuts pay for themselves.”
“What it proves is that this bill offers very little other than a holiday bonanza to multinational corporations and special interests,” he said.
The congressional Joint Committee on Taxation said Wednesday afternoon
that the Senate tax bill would add $1 trillion to federal budget deficits over the next decade, even after accounting for additional economic growth, a major blow to Republicans’ contention that the $1.5 trillion tax cuts in the bill will pay for themselves through growth.
Mr. Franks said such a provision would make it impossible for businesses to be able to “predict the economic environment.”
“If you had a gun at your head everywhere you go,” he said, “it’s going to probably cause you not to be able to concentrate as well.”
That issue seems to have been resolved by the Senate parliamentarian, who said such a mechanism is not allowed to be included in the bill.
“If my Republican friends close the door on their partisan tax bill tonight,”
he said, “they will find an open door for bipartisan tax reform tomorrow.”
“The Failing @nytimes, the pipe organ for the Democrat Party, has become a virtual lobbyist
for them with regard to our massive Tax Cut Bill,” Mr. Trump wrote in one of his posts.