The GOP Tax Bill: A Disaster of Trumpian Proportions
No matter how you slice it, both the House and the Senate versions of the tax reform bill pose a grave danger to our economy for decades to come. The Congressional Budget Office estimated the House bill would increase the deficit by $1.7 Trillion over the next 10 years. House Republicans have objected to this estimate because it doesn't account for the job growth that will result from the tax cut. The Republicans might not have liked that estimate, but they were in such a hurry to pass their bill that they refused to wait for the CBO to calculate a dynamic score. However, dynamic scoring from the Wharton School at the University of Pennsylvania and the Tax Foundation both indicate that the deficit will increase by over $1 trillion.
