Tuesday, December 12, 2017

Trump's Treasury Dept. Debunks GOP Tax Plan

On Monday, the U.S. Treasury Department finally released its analysis of the GOP tax plan: a single page report that essentially concedes the analysis by the Joint Committee on Taxation is correct. According to the Treasury analysis, the tax plan will cost an estimated $1.5 trillion dollars, while raising only $408 billion in revenue, leaving the country $1 trillion in the hole. This eviscerates any notion that the GOP plan will pay for itself, as previously suggested by administration officials like chief economic adviser Gary Cohn and Treasury Secretary Steven Mnuchin. The Treasury Department also took its analysis one step too far, assuming 2.9 percent economic growth over the next decade, without providing any actual analysis for it.

More

A Treasury memo released on Monday "modeled the revenue impact of higher growth effects, using the Administration projections of approximately a 2.9% real GDP growth rate over 10 years contained in the Administration's Fiscal Year 2018 budget."

The 3 percent growth projected by the Trump administration's 2018 fiscal year budget has been debunked and labeled a "fantasy" numerous times.

The Treasury Department memo further confirms what a number of institutions, such as the non-partisan Tax Policy Center, the Penn Wharton Budget Model, and the conservative Tax Foundation, have said in recent weeks: that the GOP tax plan will not pay for itself.

According to a University of Chicago survey, 37 out of 38 economists don't believe the plan will spur enough growth to pay for itself either.

So what's the point in releasing a document that doesn't even support what the administration has been promising?

Considering the Treasury Department's inspector general opened an inquiry into why the department had not yet released its analysis to the public -- as it had promised it would -- officials had to release something, even if it was difficult to explain the numbers they came up with.

Comments

Tax Plan is self-retorting.

#1 | Posted by Corky at 2017-12-11 06:02 PM

Trust us, the check is in the mail.

#2 | Posted by Lohocla at 2017-12-11 11:47 PM

"officials had to release something, even if it was difficult to explain the numbers they came up with."

IOW, Trump and the Republican Congress are conmen.

So what else is new.

#3 | Posted by rstybeach11 at 2017-12-12 12:30 AM

It was never intended to.

The GOP can't govern in good faith. It's simply not in their nature.

So they govern via the judiciary and by throwing bombs around, acting as if they have to respond to their own damage to prevent more damage.

#4 | Posted by jpw at 2017-12-12 09:28 AM

"the U.S. Treasury Department finally released its analysis of the GOP tax plan: a single page report"

Mnuchin: over 100 people in Treasury are "working around the clock on running scenarios for us."

History has been made, folks: Never before have so many worked so long for so little, to give so much to so few.

#5 | Posted by Danforth at 2017-12-12 09:34 AM

They already robbed the middle class for the rich. It's time for those lazy retirees to put some wrinkling skin in the game. The 1% isn't going to get slightly richer unless we all pay more than our fair share.

#6 | Posted by johnny_hotsauce at 2017-12-12 06:57 PM

The fact of the matter, Republicans know they are demographically disadvantaged in the coming decades so their plan is to steal as much as they can during this last opportunity. That is all this is about, it isn't about the economy, it isn't about fairness, it is about how much money they can stuff in their pockets while they have the opportunity to do so. If you don't realize that you're simply.....well, I'm not going to insult you. But you do realize that what I was going to say....is true. My last advice for you is to WAKE THE F up!

#7 | Posted by danni at 2017-12-13 08:27 AM

Math is for silly libruls! You just need to have faith!

Tax cuts are magic like Jesus!

#8 | Posted by Sycophant at 2017-12-13 09:55 AM

This is one of the positive side effects of having a President like Trump. So many people are so ready to go against him that nobody cares anymore about appeasing the POTUS. In all past Presidencies that I have been through, people did whatever they could to portray legislation/policies in a way that shines on their party. Obama's healthcare plan didn't make it more affordable (in fact, it's more expensive now than ever) yet everyone in his Administration released report after report of how awesome healthcare insurance would be by 2018...even when all logic and math proved differently. W's administration was the same. And so on. But now that someone so polarizing is in office, even his own people will try to discredit him.

In fact, I'd be willing to say that a POTUS that neither party agrees with improves our political atmosphere moreso than any other type of POTUS. Look at all of the things that have been uncovered since Trump got in office. A very large majority of those things occur in every administration but one side is forever trying to cover things up or make them glossy and the other side is trying so hard to make things look bad that they lie or misrepresent all the facts.

#9 | Posted by humtake at 2017-12-13 12:36 PM

I'd be willing to say that a POTUS that neither party agrees with improves our political atmosphere moreso than any other type of POTUS.

#9 | Posted by humtake at

How does a POTUS who is a money-laundering mafioso improve the atmosphere?

#10 | Posted by Zed at 2017-12-13 12:43 PM

A very large majority of those things occur in every administration

#9 | Posted by humtake at

Money-laundering mafia?

#11 | Posted by Zed at 2017-12-13 12:44 PM

How long before President Dumpster Fire tweets that Treasury is in tatters and that their numbers are phony and dishonest and part of the biggest witch hunt in U.S. history?

#12 | Posted by cbob at 2017-12-13 01:46 PM

Quick, we must deflect to a bizarre conspiracy theory using the term "deep state"!
The Ridiculous Right

#13 | Posted by e1g1 at 2017-12-13 07:42 PM

I just heard on the news that McCain is in Walter Reed ~ supposedly with a torn Achilles tendon. Hmmmm, I wonder. Anyway, staffers say McCain hasn't been around for a few days to vote on legislation.

Is it possible that the Senate will hold on to Strange but lose McCain for the tax vote?

(Or is it that best laid plans of men and mice thing?????)

#14 | Posted by Twinpac at 2017-12-14 06:07 AM

Drudge Retort Headlines

Man Brought to U.S. at Age 10 Deported at 39 (92 comments)

Cotton, Perdue Keep Lying About Trump's S---hole (82 comments)

The Humiliation of Aziz Ansari (80 comments)

Uninsured Rate Rising Under Trumpcare (46 comments)

White House Doctor Says He's Not Nuts (45 comments)

Meet the Liberal CEO of Sonic Drive-In (44 comments)

Bannon Subpoenaed in Mueller's Russia Investigation (33 comments)

Fox News Sat On Story About Trump and Porn Star (23 comments)