The lies republicans tell us vs the facts
Posted on: April 9, 2021 at 17:50:04 CT
JG
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Trump and his fellow Republicans claimed the 2017 tax cuts would “pay for themselves” through stronger growth, more earnings and more tax revenue. Nothing like that happened. Before the law passed, the Congressional Budget Office estimated the tax cuts would cost the federal government $1.5 trillion in foregone revenue. After two years, revenue loss was worse than forecast. The CBO forecast for revenue loss in 2018 and 2019 was $416 billion. The actual decline in revenue was $545 billion. That suggests the ultimate loss could be well above $1.5 trillion. Gale and Haldeman conclude that “the Act reduced revenue and did not raise output growth.”