GOP tax plan will explode deficit: Wharton study
Source: The Hill
The Republican tax plan expected to be released this week will explode the deficit, according to a study from the University of Pennsylvania's Wharton School released Monday.
The study, which relies on the Penn Wharton Budget Model (PWBM), found that the deficit would increase by $1 trillion to $3.5 trillion over the course of the first decade, based on differing estimates of how the final plan will look. By 2040, the plans would cost between $2 trillion and $10.6 trillion.
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The Wharton sudy estimated that the country's economy would grow between 1.3 percent and 1.5 percent over the first decade, which would average out to about 0.2 percent of extra growth each year, well below the levels suggested by the administration.
The study also contradicted White House claims that the tax plan's corporate tax cuts would largely end up in workers' pockets, estimating that labor wages would only increase 1.3 percent to 1.4 percent over a decade.
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Read more: http://thehill.com/policy/finance/economy/357831-gop-tax-plan-will-explode-deficit-wharton-study
Not what Trump wants to hear from his alma mater...
George II
(67,782 posts)How could they possibly come out with an opinion that differs from one of their finest?
FAKE NEWS!!!
SergeStorms
(19,204 posts)the best grades as well. Everything about Donnie Dip-Shit is THE BEST. Everything BUT good judgement, humility, honesty, trustworthiness, etc. etc. etc.
applegrove
(118,778 posts)be able to legislate or save social programs.
PSPS
(13,614 posts)applegrove
(118,778 posts)SergeStorms
(19,204 posts)Congress, especially the Republican members of Congress, are going to have a lot to think about in the near future. Risking the wrath of voters by giving the wealthy more tax cuts at this time is going to weigh on their minds.
Mueller got everyone's attention today, and they're going to keep paying attention all through this indictment process, and that means all through this tax cut process as well. These indictments couldn't have come at a better time. I believe Trump's Attorneys will advise him to keep a low profile for a while, and his customary tweets and daily diatribes are going to have to take a back seat to common sense, for once!
I could be wrong though. Trump might go full-tilt-bozo and have a stroke.
FakeNoose
(32,748 posts)They'll all be dead by 2040. Whoever dies with the most toys - WINS!
(In honor of Halloween)
Honeycombe8
(37,648 posts)People are so dense when it comes to tax cuts. They continue to believe the trickle down lie. Or say they believe it.
This is why the Repubs and Trump have been aching to get their hands on the ACA money, and going after other things. They need that money for the budget, to offset the cost of the huge tax cuts to the rich.
This is disgusting. And it looks like some middle class and working class may actually get a tax increase.
ProfessorGAC
(65,168 posts). . . for 35 years and have bought into it completely, even though hard data suggests otherwise.
They actually believe that lower taxes drives the economy up and increases revenue even since Reagan sold that rotten tomato to the american people.
paleotn
(17,956 posts)Susan Collins is now a NO vote. The bill is probably dead in the Senate at this point.
groundloop
(11,522 posts)It's a dangerous piece of legislation guaranteed to put us in a deeper financial hole that W's version of trickle down voo-doo.
videohead5
(2,181 posts)I could donate a little.groups like Moveon.org should run ads about how it cuts Medicare and Medicaid and gives big tax cuts to the very rich while ballooning the debt and deficits.it can be killed with ads.
shanny
(6,709 posts)kimbutgar
(21,188 posts)BigmanPigman
(51,627 posts)admit she got her masters from Penn since the moron has been broadcasting it as his alma mater.
JustABozoOnThisBus
(23,364 posts)President Cheney said so.