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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBREAKING: OFFICIAL, NONPARTISAN SCORE (JCT) Senate tax bill will explode the debt by $1 TRILLION
BREAKING: OFFICIAL, NONPARTISAN SCORE (JCT): Senate tax bill will explode the debt by $1 TRILLIONeven after accounting for economic growth.
Senate Republicans tax plan would add $1 trillion to the national deficit over 10 years, even after the economic growth that the bill would create is taken into account, Congresss nonpartisan Joint Committee on Taxation reported.
The analysts projected the plan would increase economic growth by a yearly average of 0.8 percent over the next decade, but they said the tax revenue produced by the growth would fall far short of offsetting the bills costs.
Several Senate Republicans have said they would be hesitant to support a bill that adds to the deficit, a potential hurdle for GOP leaders as they seek to pass the measure late Thursday or Friday.
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budkin
(6,714 posts)Those "fiscal conservatives..."
Wellstone ruled
(34,661 posts)Projections when the Economy tips later next year. And it will. Those who doubt,I give up.
Achilleaze
(15,543 posts)But here is the response I saw on twitter today... it seems to resonate. many on the right responded with " look at the amount of debt the Obama administration ran up from 2008-16..... 9 trillion.... yes we know of the 2007 meltdown and the other aspects of the spending during that time, but thats NOT what the right sees, they just see 9 trillion dollars.....
spanone
(135,873 posts)pnwmom
(108,994 posts)All told, the bill would increase the deficit by $1.4 trillion in the first 10 years, and then uses budget gimmicks and rosy math to make it seem like the national debt is untouched in the long run. Though many have waved away concerns in favor of getting a tax bill done, some conservative purists, like Sens. Jeff Flake (R-AZ), James Lankford (R-OK), and Corker, have signaled that the plan isnt fiscally conscious enough.
And so theyve floated a deficit trigger plan one that in the past 24 hours has taken many shapes, from budget cuts to increasing the corporate tax rate.
Mr.Bill
(24,319 posts)will raid Social Security and Medicare. Count on it.
ChiTownDenny
(747 posts)Blow up the deficit then claim there isn't enough money to pay for social safety net programs and they must me cut.
SunSeeker
(51,694 posts)Drahthaardogs
(6,843 posts)The poor stay poor and the rich get richer. That is what matters.
ffr
(22,671 posts)lock these motherf-er's up.
This doesn't seem to bother John McCain..he's for the Senate tax bill.
I wonder what Susan Collins & Lisa Murkowski think about this new development?
What about Jeff Flake?
(McConnell can get it through if only 2 GOP senators vote No)
Egnever
(21,506 posts)Collins does not seem at all convinced.
red dog 1
(27,849 posts)and there's nothing Senate Dems can do to stop it, unfortunately.
Response to Egnever (Reply #18)
red dog 1 This message was self-deleted by its author.
Thor_MN
(11,843 posts)Double it to account for their magical thinking.
groundloop
(11,522 posts)We've seen the results of repub trickle down smoke and mirrors before, the result is always the same.
TomCADem
(17,390 posts)...which is the plan. Screw the poor and middle class in favor of the 1 percent.
58Sunliner
(4,398 posts)KelleyKramer
(8,982 posts)It's a huge giveaway to corporations and the super rich
DFW
(54,436 posts)How can they possibly do the deficit such incredible damage, cut health care for over ten million Americans, invoke double taxation by making state taxes no longer deductible, threaten social security, and still get tens of millions of votes from they very people they will be hurting?
And yet, the Republicans will vote for them like the condemned man who votes for his executioner. The problem is that their executioner is also ours.
JI7
(89,264 posts)lindysalsagal
(20,730 posts)It is their criminal plan to explode the deficit. and put it all in their own grimy pockets.
mnmoderatedem
(3,728 posts)sez the tax plan will not only pay for itself, but will grow to a surplus of 1 trillion.
How that guy can say any of the crap he says with a straight face is beyond me.