GOP Tax Bill Ditches Republican “Deficit Concerns”
The evidence continues to mount that the tax proposals Republicans are rushing through Congress will be a disaster for the federal budget, adding more than $1 trillion to our nation’s deficits and debt in just the next decade. For years, Congressional Republicans have vigorously decried federal deficits and debt. However, their pursuit of deficit-busting tax cuts for the wealthy and corporations reveals their true priorities.
In the past, the rising federal debt elicited sharp warnings from Republicans:
- House Speaker Paul Ryan, Oct. 2017 : “We know a debt crisis is coming. We know if we do nothing, the next generation will be worse off.”
- Senate Majority Leader Mitch McConnell, Dec. 2016 : “I think this level of national debt is dangerous and unacceptable.”
- Senator Jeff Flake, Nov. 2016: (On deficits) “I’m very concerned about it. It’s the biggest problem we face, by far.”
- Office of Management and Budget Director Mick Mulvaney, Jan. 2017 : “I believe, as a matter of principle, that the debt is a problem that must be addressed sooner, rather than later.”
- Senator James Lankford, Nov. 2016 : “Washington, D.C., don’t forget about the staggering federal debt — $20 trillion — and the looming, predictable debt crisis. The clock is ticking, loudly.”
Nonpartisan analysts agree the GOP tax proposals are deficit-busters:
- The Congressional Budget Office estimated the GOP tax bills will increase the deficit by more than $1.4 trillion over ten years. (House estimate) (Senate estimate)
- Multiple nonpartisan analysts found the GOP tax plans will cost more than $1 trillion over ten years, even after incorporating “dynamic scoring” estimates on how the tax proposals would affect the economy.
- Additional nonpartisan budget watchdog groups warn these estimates significantly underestimate the bills’ true costs, because the proposals rely on the ploy of letting certain tax provisions expire arbitrarily. Even Republicans cynically admit this is a gimmick.
- A survey of top economists by University of Chicago’s Booth School of Business asked if the GOP tax bills would substantially increase the federal debt as a share of GDP. All 38 said yes.
The deficit-busting GOP tax scam is just step one of the GOP’s three-step plan to give to the rich and make American families pay for it:
- Step 1 : Cut taxes for the rich, and claim that economic growth will pay for it.
- Step 2 : Pretend to be shocked when the deficit explodes; insist that the only way to fix it is through more spending cuts.
- Step 3 : Cut important benefits for American families, like Medicare, Social Security, and education assistance, while doing nothing to make millionaires pay their fair share.