Independent Experts All Agree: Republicans’ Fake Math on the #GOPTaxScam Just Doesn’t Add Up
The facts are clear: the Republican tax plan would blow up the deficit to hand out huge tax giveaways to the wealthy and corporations. Millions of middle class families would face tax hikes – not tax cuts – under the Republican plan. And Republicans want to use the huge new deficits they create as an excuse to attack Medicare, Medicaid, and Social Security. The American people know that the Republican tax plan is the exact wrong thing to be rushing through. Now, after months of false claims, the Trump Administration and Congressional Republicans are using a single page of fake math to back up their tax scam. Independent analyses show that the Republican tax bill will blow up the deficit and generate almost no additional economic activity to make up for it.
Three independent analyses today alone SHOW THAT THE REPUBLICAN TAX BILL WILL BLOW UP THE DEFICITPenn Wharton Budget Model: “Even with assumptions favorable to economic growth, the Senate TCJA increases debt by over $1.5 trillion dollars over the next decade… By 2027, under our standard economics assumptions, GDP is projected to be between 0.5 percent and 1.0 percent larger, relative to no tax changes… Additional sensitivity analysis indicates that even under assumptions favorable to economic growth, by 2027, GDP is projected to be between 1.0 percent and 1.9 percent larger, and debt increases between $1.5 trillion and $1.8 trillion.” [Penn Wharton Budget Model, 12/11/17]
Tax Policy Center: “Including macroeconomic effects and interest costs, the legislation is projected to increase debt as a share of GDP over 5 percentage points in 2027 to 96 percent of GDP, and over 4 percentage points in 2037 to 117 percent of GDP.” [Tax Policy Center, 12/11/17]
The Hill: “The tax bill House Republicans passed last month wouldn't produce enough revenue from economic growth to pay for itself, Congress's tax scorekeeper said in a 13-page report released Monday. The economic growth resulting from the bill would lower the measure's revenue loss by more than $400 billion over 10 years. However, the bill would still cost about $1 trillion over a decade after accounting for those revenues, according to the Joint Committee on Taxation (JCT). [The Hill, 12/11/17]
AMERICANS CONTINUE TO STRONGLY OPPOSE THE REPUBLICAN TAX BILLUSA Today/Suffolk University Poll: Only 32% Support the Republican Tax Plan. “A new USA TODAY/Suffolk University Poll finds just 32% support the GOP tax plan; 48% oppose it. That's the lowest level of public support for any major piece of legislation enacted in the past three decades, including the Affordable Care Act in 2009.” [USA Today, 12/10/17]
USA Today/Suffolk University Poll: 64% Believe the Wealthy Will Benefit the Most. “Overall, only 35% believe that the bill will boost the economy, and 31% that their own families' tax bills will be lowered as a result. Nearly two-thirds, 64%, say the wealthy will get the most benefits; just 17% say the middle-class will.” [USA Today, 12/10/17]