![]() “Actual tax cuts signed into law by the President have cost $2.3 trillion by our estimates, about half as much as we estimated his campaign agenda would cost,” the group said, noting the final version of the 2017 tax revamp had higher top personal rates and corporate tax rates than promised and only reduced instead of eliminated the alternative minimum and estate taxes. The report did have something of a silver lining for deficit hawks: the $3.9 trillion figure was actually less than than the price tag the group calculated for Trump’s campaign promises made in 2016. They explain the majority of the difference between CBO’s 2016 debt projection of 86 percent of GDP in 2026 and its current projection of 107 percent of GDP, the highest level in our nation’s history,” the group said. “We estimate that taken together, these $3.9 trillion of tax cuts and spending will lead to about a 15 percent of GDP increase in debt by 2026. The bulk of the cost comes from three culprits, the group said: the 2017 tax overhaul, higher military and veterans outlays, and two agreements reached with Congress to put spending over and above caps on annual government outlays. The estimate excludes costs to deal with the coronavirus which it said were unforeseen. ![]() The Committee for a Responsible Federal Budget estimated that the policies Trump campaigned on in 2016 and then pushed while in office will add $3.9 trillion to the fiscal deficit through 2026. ![]()
0 Comments
Leave a Reply. |