Nonpartisan Analysis Confirms: GOP Tax Cuts Would Come Nowhere Close to Paying for Themselves
Nonpartisan Analysis Confirms: GOP Tax Cuts Would Come Nowhere Close to Paying for Themselves
An analysis released by the nonpartisan Joint Committee on Taxation found that the tax cuts included in Republicans' massive reconciliation package would do little to boost economic growth—and would not come anywhere close to paying for themselves.
Economic activity spurred by the tax breaks—which are largely an extension of soon-to-expire provisions of the 2017 Trump-GOP tax cuts—would increase federal revenues by roughly $103 billion between 2025 and 2034, according to JCT.
That would barely put a dent in the overall projected cost of the tax cuts, bringing it down to $3.7 trillion from $3.8 trillion.
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Well that wasn't their goal, so...