The 2017 end of the year tax cut could be called irresponsible politics, that will hurt the country…..
And maybe could called a rich guy/corporate transfer of wealth from the poor amd middle class to people that pay little or no taxes in the first place…
There was a such a rush that lawmakers need to go back and fix some of the mistakes…
Economic growth is NOT gonna be what this is about…
Between new cost estimates and the White House’s own budget numbers, the wheels are coming off Republican claims that President Donald Trump’s tax cuts will pay for themselves by generating increased growth and government revenues over the next decade.
“Not only will this tax plan pay for itself but it will pay down debt,” Treasury Secretary Steven Mnuchin famously boasted in September. But his own department’s analysts now peg the 10-year cost at $2.3 trillion given the administration’s assumption that tax breaks for individuals and large estates will be extended past 2025.
POLITICO’s own calculations, working entirely from data in the 2018 and 2019 budgets, indicate that the added revenues generated by the tax cuts themselves would fall substantially short of matching $2.3 trillion.
For the years 2018 to 2027, the shortfall ranges from $1 trillion to $1.3 trillion. In measuring for 2019 to 2028, the picture improves, but the 10-year shortfall still is between $700 billion to $1.1 trillion.
Using the same approach, POLITICO found the administration could reap extra revenue of $2.3 trillion by 2028 if the economy lives up to the assumed 3 percent average annual growth in the president’s budget — a full .8 percentage point increase over the White House’s starting baseline.
But that’s a gamble that rests on many moving pieces other than the tax cuts — such as now finding the resources for big infrastructure projects. Most important, perhaps, it means that even if successful, all the valuable economic growth will go to pay for the tax cuts — and not reduce the deficit…..