Republican Tax Plan Substantially Increases the Deficit
November 27, 2017
The Republican tax plan would substantially add to the federal deficit – so much for Republicans claiming to be the party of fiscal responsibility. This week, Senate Republicans are rushing to vote on a tax scam that will raise taxes on Alaska families and increase the federal deficit for future generations of Alaskans just to pay for massive giveaways to billionaires and wealthy corporations. Alaskans can stop this scam of a bill by calling Senator Lisa Murkowski and demand that she take a stand for the hardworking families she represents and vote no on this disastrous tax plan.
Republicans used to claim to care about fiscal responsibility.
USA Today: “Republicans, you might recall, used to hold themselves out as the party of fiscal responsibility. … Now their concern for financial sanity has been muted by a rush to pass tax cuts in a bid to have some — any — accomplishment to take to voters. Revenue-neutral tax reform? That's so passé.”
Experts agree that the Republican tax plan would substantially add to the deficit.
University of Chicago’s Initiative on Global Markets: “37 of 38 economists said the GOP tax plans would grow the debt. The 38th misread the question.”
Congressional Budget Office: “The Senate GOP's tax plan would increase the deficit by $1.4 trillion over the next 10 years, the Congressional Budget Office estimates.”
Tax Policy Center: “The nonpartisan Tax Policy Center is the third outside group to conclude that the bill would add to the deficit, contradicting Republicans’ claim that the bill would effectively pay for itself via a surge in economic growth.”
Penn Wharton Budget Model: “The amended Senate GOP proposal would reduce federal revenues by between $1.3 trillion and $1.5 trillion in the decade through 2027, even with modestly stronger gross domestic product growth, the Penn Wharton Budget Model estimated Tuesday. U.S. debt would rise in a range of $1.4 trillion to $1.6 trillion in that period, driven by increased debt service, the analysis said.”
Joint Committee on Taxation: “The congressional scorekeeper, the Joint Committee on Taxation, has separately estimated that the Senate bill would increase deficits by $1.4 trillion over a decade.”
Tax Foundation: “A dynamic score from Tax Foundation found that the bill would still add roughly $1 trillion to the deficit over the first 10 years and add to the deficit after the 10-year window, however.”
Center on Budget and Policy Priorities: “The Senate Finance Committee’s tax bill would overwhelmingly benefit the wealthy and corporations, eventually raise taxes on many low- and middle-income families, leave 13 million more people uninsured, and dramatically increase deficits.”