GOP tax bill cost estimate keeps rising

[DonViejo]

Don Lee, Tribune Washington Bureau on Dec 16, 2017

WASHINGTON -- With a final tax overhaul bill in hand, congressional Republicans say they have enough votes to pass legislation next week and deliver a major victory for themselves and President Donald Trump by Christmas. But at what cost?

On paper, the tax package hammered out Friday carries a price tag of a net $1.5 trillion over 10 years. In reality, the cost in the form of federal deficits is virtually certain to be substantially higher.

That's because of a bit of fiscal gamesmanship. Republicans agreed the tax rewrite could add up to $1.5 trillion in debt over 10 years. But to stay within that limit and add nothing to deficits beyond the decade, as a Senate budget rule requires, they put expiration dates of 2025 or earlier on almost all of the tax changes for individual taxpayers -- but hardly any for corporations. The temporary breaks include the doubling of standard deductions and increases in the child tax credit. But Republicans, including Trump, freely say that future Congresses will extend many of those tax cuts. Political pressure undoubtedly will be heavy to do so, though higher debt could inhibit future lawmakers. Nonetheless, Trump predicted Saturday that the tax cuts not only will be extended but sweetened.

"Whoever the administration is years from now, they will make it, and maybe even make it more generous if we can get the economy like it should be," he told reporters as he left for Camp David, Md.

more
https://www.arcamax.com/currentnews/newsheadlines/s-2029394

[dalton99a]

1. Just like any good scam

[underpants]

2. But. At. ....What Cost?

Shatter!

[doc03]

3. What was the deficit already factored in over the next 10 years without any

tax cut? It has to be several trillion, doesn't it? I can't figure why I never heard any Democrats
say anything about what the total deficit will be over the next ten years. What about the continuing
deficit already built in from the Bush tax cuts?

[Irish_Dem]

4. They don't care, the debt is not their problem.

The American people can worry about it and live with it.
As usual.

[roamer65]

5. Just wait until the fiscal hangover from this POS bill.

Inflation and eventually a dollar crisis.

[Motownman78]

6. They should ask W

if his tax cuts were permanent.

[BumRushDaShow]

7. They are limited to what can be added by using reconciliation.

But then their next phase is to gut Medicaid, Medicare, and the rest of Social Security... along with TANF, SNAP, Pell Grants, and on and on.