The Joint Committee on Taxation (JCT) just concluded that – even according to Republicans’ preferred scoring method – the Senate Republican tax plan would increase the national deficit by $1 trillion in order to cut taxes for the high income earners and corporations. These unaffordable tax cuts would be made possible by raising taxes on millions of middle class Americans.
At the same time, the Treasury Department study of the tax proposal’s economic effects that Sec. Steve Mnuchin has promised multiple times is still nowhere to be found.
“Congress’s independent tax experts just refuted one of the top promises that Donald Trump and Senate Republicans have made to the American people, proving that their reckless tax plan would explode the deficit by $1 trillion,” said American Bridge spokesperson Andrew Bates. “This trickle-down sham would sell-out the American middle class with tax increases to allow new breaks for big money donors, and then leave us all greater in debt. It’s a horrendous deal.”
JCT’s study comes amid a trend of major CEOs announcing that they do not plan to use the corporate tax cuts in this plan to create jobs or increase wages, but instead to pay shareholders more.