Republicans have made a very big deal pitching their tax reform plan as an elixir for economic growth.
But a new nonpartisan analysis of the Senate tax bill suggests that while it will spur some additional economic growth, it won't be nearly enough to compensate for the full cost of the bill's provisions, which include tax cuts for businesses and individuals.
The Joint Committee on Taxation, the Congressional scorekeeper for tax bills, estimates that the Senate tax bill could generate enough growth to create nearly $408 billion in new revenue over a decade. But even with that additional revenue, the bill would still add an estimated $1 trillion to deficits.
Catch up on today’s other tax headlines:
- Live updates: Senate close to a vote on tax reform
- Analysis: Merry Christmas and 36 other important things Trump said about taxes
- Sen. John McCain says he'll vote for Senate GOP tax plan
- The other senators who will decide tax reform: Where they stand
- Fact-check: Trump claims the Republican tax plan will 'cost me a fortune'
- Graduate students stage walkouts to protest GOP tax plan
- 5 false or misleading things Trump said in his tax speech
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