Why it's such a big deal the Senate tax bill would add $1 trillion to debt
One of the most controversial aspects of President Trump's tax plan is how much it costs. Republicans approved adding up to $1.5 trillion to America's debt to pay for tax cuts for businesses and individuals, but they claimed that the price tag wouldn't be nearly that high because the plan would unleash a lot more economic growth.
Now Congress's official estimators have weighed in: The Senate GOP bill would add $1 trillion to the debt even after accounting for economic growth generated by the tax cuts. The estimate from the Joint Committee on Taxation, a nonpartisan group of experts, was released Thursday afternoon as lawmakers hotly debated the tax bill on the Senate floor.
The Senate GOP tax plan would cause faster economic growth -- about 0.8 percent more over the next decade, JCT found. But that amount of growth only covers about a third of the cost, far short of what is needed to have revenue-neutral tax reform, as the White House initially claimed.
Republican leaders had originally intended to vote on the Senate bill before the JCT's final cost estimate was released, but JCT rushed to get the analysis done hours before the vote. Several Republicans senators, including Sen. Bob Corker (R-Tenn.), have raised serious concerns about how much the tax plan would add to the debt. He wanted to see the nonpartisan estimate.
https://www.msn.com/en-us/news/politics/why-its-such-a-big-deal-the-senate-tax-bill-would-add-dollar1-trillion-to-debt/ar-BBFYFrE?li=BBnb7Kz&ocid=edgsp
Economic growth for who the one percent?
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