No, tax cuts do not pay for themselves
https://www.washingtonpost.com/blogs...or-themselves/
Much of what the White House said about the president’s tax bill was not true. It was not aimed at the middle class; the majority of the tax savings went to corporations. The lion’s share of the corporate tax breaks were not going to boost workers’ pay; they were used for things like tax buy-back schemes. No misrepresentation was more pervasive or departed further from economic reality, however, than the assertion that the tax cuts would pay for themselves. It was nonsense when Republicans said it, and now the fantasy is plain for all to see.
Like clockwork, Republicans are trying to make further cuts through the rarely-used “rescission” process. Soon will come the plans to cut Medicare and Medicaid.
The debt problem, however, is largely a function of a tax plan based on exaggerated claims of economic growth and blatant dissembling on revenue loss. “Based on CBO’s numbers, those who claimed the tax cut would pay for itself should be hiding under a rock about now,” says Jared Bernstein, former chief economist for vice president Joe Biden. “The tax plan seriously whacks revenues, especially over the next few years, which is exactly what we don’t need given CBO’s points about the cost of maintaining Social Security and Medicare as our population ages.”