The following article by Rebekah Entralgo was posted on the ThinkProgress website December 1, 2017:
A key analysis of the Senate Republican tax plan released late Thursday afternoon threw a wrench into the GOP leadership’s rush to pass tax reform this week. In response, Republican lawmakers are choosing to simply ignore the report’s findings.
Just as the Senate was about to vote on Thursday on whether to advance their tax plan, the non-partisan Joint Committee on Taxation released a troubling report. The JCT report found that the $1.4 trillion dollar tax plan would generate around $400 billion dollars worth of growth, leaving the total net cost of the plan to be $1 trillion dollars — completely eviscerating any notion that the plan would pay for itself, a key White House talking point.
“We think we can pay for the entire tax cut through growth over the cycle,” said Chief White Economic Adviser Gary Cohn told CNBC in September. Continue reading “Senate Republicans refuse to believe the official analysis of their tax plan”