GOP Tax plan could cost $2.2 trillion
The GOP’s outline for tax reform could cost the country $2.2 trillion in lost revenues over a decade, according to a preliminary study by the Committee for a Responsible Federal Budget (CRFB), a fiscally conservative advocacy group.
“These numbers come with a high degree of uncertainty and exclude a number of potential offsets where no details exist. But it is clear that much more work needs to be done to ensure tax reform is fiscally responsible,” the group said in its study. Senate Republicans are allowing themselves up to $1.5 trillion in deficit-financed tax cuts to pass tax reform. If the CRFB’s estimates are correct, they will need to find billions more in revenues to pass the bill according to standards they set for themselves. The study found that tax cuts in the plan amounted to roughly $5.8 trillion over a decade. New revenues in the form of “base broadening” would bring the overall cost down to $2.2 trillion. Other aspects of the plan could add even more to the cost. “Given that it calls for only five years of expensing rather than permanent – a major budget gimmick – it also potentially sets the stage for an extenders package of over $1 trillion when expensing expires,” the study said. Republicans say that increased economic growth and using a different baseline to measure the costs will help cover most, if not all of their deficit. http://thehill.com/policy/finance/35...trillion-study Oh boy, even more Ray-Gun-omics How can I be broke, I have checks left.:rolleyes: |
GOP Tax plan could cost $2.2 trillion
Somehow that statement bolded in the above post does not reassure me at all. 😟
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Yup, that is my favorite part. Nothing like another financial meltdown from deregulation could possibly occur. Or another tornado, or another manufactured war. :(
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Ah, so the tax rate for Corporations is cut to 20% and foreign sold goods are not taxed anymore. Looks like repeal the estate tax and the capital gains tax. Raise taxes on the working poor,etc. :mad:
What a bunch of horses**t: WH Budget proposal link Tax Reform and Simplification . We must reduce the tax burden on American workers and businesses, so that we can maximize incomes and economic growth. We must also simplify our tax system, so that individuals and businesses do not waste countless hours and resources simply paying their taxes. Immigration Reform . We must reform immigration policy so that it serves our national interest. We will adopt commonsense proposals that protect American workers, reduce burdens on taxpayers and public resources, and focus Federal funds on underserved and disadvantaged citizens. Reductions in Federal Spending . We must scrutinize every dollar the Federal Government spends. Just as families decide how to manage limited budgets, we must ensure the Federal Government spends precious taxpayer dollars only on our highest national priorities, and always in the most efficient, effective manner. Regulatory Rollback . We must eliminate every outdated, unnecessary, or ineffective Federal regulation, and move aggressively to build regulatory frameworks that stimulate—rather thstagnate—job creation. Even for those regulations we must leave in place, we must strike every provision that is counterproductive, ineffective, or outdated. American Energy Development . We must increase development of America’s energy resources, strengthening our national security, lowering the price of electricity and transportation fuels, and driving down the cost of consumer goods so that every American individual and business has more money to save and invest. A consistent, long-term supply of lower-cost American energy brings with it a much larger economy, more jobs, and greater security for the American people. Welfare Reform . We must reform our welfare system so that it does not discourage able-bodied adults from working, which takes away scarce resources from those in real need. Work must be the center of our social policy. Education Reform . We need to return decisions regarding education back to the State and local levels, while advancing opportunities for parents and students to choose, from all available options, the school that best fits their needs to learn and succeed |
This is a Tax plan, let's not even be stupid enough to call it a reform, a plan for Trump and his ilk cobbled together in secret by the GOP. Here is a summary on WaPo.
Quote:
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Funny how our friends on the right side of the aisle aren't screeching about blowing a hole in the deficit big enough to drive an aircraft carrier through.
Fecking hypocrites. |
Quote:
https://www.washingtonpost.com/blogs...=.f9d0d3088975 |
A rule of thumb on GOP tax proposals: The more growth they promise, the worse their plan probably is. Why? Because the promise of bonkers growth usually means the politicians need that bonkers growth to paper over the ginormous deficits sure to follow — in the real world, under more realistic assumptions.
If you promise that your policy will “pay for itself” through faster economic growth, you must commit — in advance — to cutting the programs you love most if that growth doesn’t materialize. For Republicans, that means writing language into their tax bill lopping trillions off defense spending. Hey, if they truly believe their plan won’t cost a dime, surely there’s no risk to our national security. https://www.washingtonpost.com/opini...efa_story.html |
The GOP's plan all along. Bankrupt the country thereby forcing no choice in cutting programs!
Barney |
'If at first you don't succeed? Fuck it, change the rules'
"Buried in the fine print of the newly released Senate Republican budget language making it much easier to rush a tax cut through Congress.
The budget would erase a Senate rule requiring a full Congressional Budget Office estimate of the cost of the legislation at least 28 hours before a vote. It would get rid of a provision that required a Senate budget reconciliation bill to reduce the deficit by at least as much as a House reconciliation bill. That language caused headaches for Republicans during their failed Obamacare repeal effort." Bloomberg https://www.bloomberg.com/news/artic...h-u-s-congress |
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