GOP Tax plan could cost $2.2 trillion
 

The GOP’s outline for tax reform could cost the country $2.2 trillion in lost revenues over a decade, according to a preliminary study by the Committee for a Responsible Federal Budget (CRFB), a fiscally conservative advocacy group.

“These numbers come with a high degree of uncertainty and exclude a number of potential offsets where no details exist. But it is clear that much more work needs to be done to ensure tax reform is fiscally responsible,” the group said in its study.


Senate Republicans are allowing themselves up to $1.5 trillion in deficit-financed tax cuts to pass tax reform. If the CRFB’s estimates are correct, they will need to find billions more in revenues to pass the bill according to standards they set for themselves.

The study found that tax cuts in the plan amounted to roughly $5.8 trillion over a decade. New revenues in the form of “base broadening” would bring the overall cost down to $2.2 trillion.

Other aspects of the plan could add even more to the cost.

“Given that it calls for only five years of expensing rather than permanent – a major budget gimmick – it also potentially sets the stage for an extenders package of over $1 trillion when expensing expires,” the study said.

Republicans say that increased economic growth and using a different baseline to measure the costs will help cover most, if not all of their deficit.
http://thehill.com/policy/finance/35...trillion-study

Oh boy, even more Ray-Gun-omics

How can I be broke, I have checks left.:rolleyes:

GOP Tax plan could cost $2.2 trillion
 

Somehow that statement bolded in the above post does not reassure me at all. 😟

Yup, that is my favorite part. Nothing like another financial meltdown from deregulation could possibly occur. Or another tornado, or another manufactured war. :(

Ah, so the tax rate for Corporations is cut to 20% and foreign sold goods are not taxed anymore. Looks like repeal the estate tax and the capital gains tax. Raise taxes on the working poor,etc. :mad:



What a bunch of horses**t:

WH Budget proposal link

Tax Reform and Simplification
. We must reduce the tax burden on American workers and
businesses, so that we can maximize incomes and economic growth. We must also simplify our
tax system, so that individuals and businesses do not waste countless hours and resources simply
paying their taxes.

Immigration Reform
. We must reform immigration policy so that it serves our national interest.
We will adopt commonsense proposals that protect American workers, reduce burdens on taxpayers
and public resources, and focus Federal funds on underserved and disadvantaged citizens.

Reductions in Federal Spending
. We must scrutinize every dollar the Federal Government
spends. Just as families decide how to manage limited budgets, we must ensure the Federal
Government spends precious taxpayer dollars only on our highest national priorities, and always in
the most efficient, effective manner.
Regulatory Rollback

. We must eliminate every outdated, unnecessary, or ineffective Federal
regulation, and move aggressively to build regulatory frameworks that stimulate—rather thstagnate—job creation. Even for those regulations we must leave in place, we must strike every
provision that is counterproductive, ineffective, or outdated.

American Energy Development
. We must increase development of America’s energy resources,
strengthening our national security, lowering the price of electricity and transportation fuels, and
driving down the cost of consumer goods so that every American individual and business has more
money to save and invest. A consistent, long-term supply of lower-cost American energy brings with
it a much larger economy, more jobs, and greater security for the American people.

Welfare Reform
. We must reform our welfare system so that it does not discourage able-bodied
adults from working, which takes away scarce resources from those in real need. Work must be the
center of our social policy.

Education Reform
. We need to return decisions regarding education back to the State and local
levels, while advancing opportunities for parents and students to choose, from all available options, the school that best fits their needs to learn and succeed

This is a Tax plan, let's not even be stupid enough to call it a reform, a plan for Trump and his ilk cobbled together in secret by the GOP. Here is a summary on WaPo.
https://www.nytimes.com/2017/09/27/o...ft-region&_r=0

Funny how our friends on the right side of the aisle aren't screeching about blowing a hole in the deficit big enough to drive an aircraft carrier through.

Fecking hypocrites.

I love this description, "pro-growth & pro-family". This sounds so stupid that we all can laugh at it.

https://www.washingtonpost.com/blogs...=.f9d0d3088975

A rule of thumb on GOP tax proposals: The more growth they promise, the worse their plan probably is. Why? Because the promise of bonkers growth usually means the politicians need that bonkers growth to paper over the ginormous deficits sure to follow — in the real world, under more realistic assumptions.

If you promise that your policy will “pay for itself” through faster economic growth, you must commit — in advance — to cutting the programs you love most if that growth doesn’t materialize.

For Republicans, that means writing language into their tax bill lopping trillions off defense spending. Hey, if they truly believe their plan won’t cost a dime, surely there’s no risk to our national security.

https://www.washingtonpost.com/opini...efa_story.html

The GOP's plan all along. Bankrupt the country thereby forcing no choice in cutting programs!



Barney

'If at first you don't succeed? Fuck it, change the rules'
 

"Buried in the fine print of the newly released Senate Republican budget language making it much easier to rush a tax cut through Congress.


The budget would erase a Senate rule requiring a full Congressional Budget Office estimate of the cost of the legislation at least 28 hours before a vote. It would get rid of a provision that required a Senate budget reconciliation bill to reduce the deficit by at least as much as a House reconciliation bill. That language caused headaches for Republicans during their failed Obamacare repeal effort." Bloomberg

https://www.bloomberg.com/news/artic...h-u-s-congress

The House passed its 2018 budget resolution Thursday in a party-line vote that represents a step toward its goal of sending tax-reform legislation to President Trump.

In a 219-206 vote, lawmakers approved a budget resolution for 2018 that sets up a process for shielding the GOP tax bill from a filibuster in the Senate.

A total of 18 Republicans voted against the resolution, along with all the Democrats who were present.

GOP lawmakers hailed the vote as meaningful because of the tax measure.

“We haven’t reformed this tax system since 1986. We need to pass this budget so we can help bring more jobs, fairer taxes and bigger paychecks for people across this country,” Speaker Paul Ryan (R-Wis.) said during House floor debate.

Democrats lambasted it for the same reason.

“This budget isn’t about conservative policy or reducing the size of our debt and deficits. It’s not even about American families. This budget is about one thing — using budget reconciliation to ram through giant tax giveaways to the wealthy and big corporations — and to do it without bipartisan support,” said Rep. John Yarmuth (D-Ky.), the ranking member of the House Budget Committee.

The budget reconciliation rules would allow Republicans in the Senate to pass tax reform without any Democratic votes, though Senate Majority Leader Mitch McConnell (R-Ky.) can only afford two defections.

Republicans used the same strategy for ObamaCare repeal but failed, and are hoping for a better outcome on taxes.

Yet there are already signs of trouble, with some Republicans questioning whether the tax proposal would add too much to the deficit, and others balking at plans to eliminate a deduction for state and local taxes. The tax plan is now estimated to add $1.5 trillion to the deficit over a decade, but that figure would grow if the state and local tax deduction is not eliminated.

Republicans have yet to secure a major legislative win despite having unified control of government. They hope to secure a tax win by the end of the year, which is an ambitious timeline.

The GOP tax reform framework unveiled last week would cut the top tax rate for the wealthy and lower taxes for businesses.

The proposal would consolidate the current seven individual tax brackets into three, with rates of 12 percent, 25 percent and 35 percent. Committees may choose to establish a fourth rate above 35 percent for the wealthiest Americans. The current top individual rate is 39.6 percent.
http://thehill.com/policy/finance/35...for-tax-reform

If there is to be "meaningful tax reform" that has any lasting value, it shouldn't be something that is wholly owned by one party, which will become the target of the other party wherever there is a change in power. A bipartisan plan could gather the broad support that would make for a lasting reform.

Both parties are corrupt when it comes to money.
And doing so, Republicans then blamed all of the budget deficit which the Bush budget deficits wrought on the nation on Obama.

https://www.washingtonpost.com/busin...=.e410a2957bc6