Something very stupid is happening in the Senate right now Senate Budget Committee members Sen. Bob Corker of Tennessee (right), and Sen. Ron Johnson of Wisconsin (left). AP Photo/Carolyn Kaster
- The Joint Committee on Taxation’s report on the Senate Republican tax bill was unsurprising.
- Tax cuts outlined in the bill come nowhere close to paying for themselves
- Sen. Bob Corker’s proposed solution — a trigger that
would roll back some of the tax cuts if economic projections
were not met after several years — is fundamentally
- If the bill is adjusted to win Corker’s vote, it may
actually discourage business investment over the next few
Nobody should have been surprised about the Joint Committee on
Taxation’s analysis of the Senate Republican tax bill, which was
The JCT, the congressional body that produces analyses of the
effects of tax policy, estimated that the bill would boost the
economy only by enough to offset about one-third of the deficit
increases caused by tax cuts. As a result, it would grow the
federal debt by about $1 trillion over a decade.