Trumps beloved alma mater eviscerates his tax plan
REBEKAH ENTRALGO at Think Progress
https://thinkprogress.org/trumps-beloved-alma-mater-evicerates-his-tax-plan-db02ccbc5c26/
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The study, released Monday by the University of Pennsylvania’s Wharton School on Monday, found that the proposed GOP-Trump tax plan would increase the deficit by $1 trillion to $3.5 trillion over the course of the first ten years. By 2040, the plan would cost between $2 trillion and $10.6 trillion.
According to the GOP budget approved last week, the Republican tax plan is only allotted $1.5 trillion to add to the deficit before violating the reconciliation rules that would allow the Senate to fast-track the bill with 51 votes instead of 60.
This will test the loyalty of Republican deficit hawks in Congress like Sen. John Kennedy (R-LA) who told The New York Times, “Every Republican I know of is concerned about the deficit. Every Republican I know of is concerned about tepid growth, too.” Sen. Susan Collins (R-ME) in an interview with Bloomberg this week said she would oppose any tax bill that would increase the deficit.
The Wharton study also found that the administration’s claim that the average American family would receive a four thousand dollar raise under their tax plan is false, echoing a number of academic studies that conclude cutting taxes for corporations does not raise wages for workers.
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