That is the common lie told whenever someone wants to cut taxes….they never pay for themnselves and in most cases have contributed to the rise in our deficit.
And now Donny and his ‘One Big Beautiful Bill is spreading the same manure always spread when taxes are considered….but is it manure? Will they truly pay for themselves?
The answer is a resounding ….NO!
An analysis released Thursday by the nonpartisan Joint Committee on Taxation found that the tax cuts at the center of Republicans’ massive reconciliation package would do little to boost economic growth—and would not come anywhere close to paying for themselves.
The JCT report, published hours after Republicans pushed the bill through the House, estimates that the tax cuts would boost the nation’s average annual economic growth by 0.03 percentage points over the next decade—hardly the explosion of growth that GOP lawmakers and President Donald Trump have promised.
Economic activity spurred by the tax breaks—which are largely an extension of soon-to-expire provisions of the 2017 Trump-GOP tax cuts—would increase federal revenues by roughly $103 billion between 2025 and 2034, according to JCT.
That would barely put a dent in the overall projected cost of the tax cuts, bringing it down to $3.7 trillion from $3.8 trillion.
…
A separate analysis published Thursday by the Institute on Taxation and Economic Policy (ITEP) shows that the benefits of the Republican bill’s tax provisions would flow disproportionately to the wealthiest Americans.
“The $121 billion in net tax cuts going to the richest 1% next year would exceed the amount going to the entire bottom 60% of taxpayers (about $90 billion),” said ITEP, whose analysis did not factor in the impact of the legislation’s unparalleled cuts to Medicaid and federal nutrition assistance, which would deliver a major blow to the household resources of lower-income Americans.
https://www.commondreams.org/news/jct-republican-tax-cuts
But not to worry…..the GOP has found a way to make this problem more palatable to the more ignorant out there…..the bill that would make tips tax free….what little help that would bring will not offset the bigger deal of massive tax cuts for the wealthy.
Tax cuts does little to help the deficit so they must attack the programs that assist people in trouble….just so people like Bezos gets a free hand.
Stop believing the BS and start looking at the larger picture these tax cuts will do you no good.
I Read, I Write, You Know
“lego ergo scribo”
They won’t pay for themselves any more than trickle-down economics will see money trickling down to the poor.
Best wishes, Pete.
And yet they still lie and there are those that believe this crap…..pathetic. chuq
The only thing about the Big Beautiful Bill that worries me is that there is a part of it that allows Trump to ignore the supreme court rulings and to ignore the lower court rulings, to cancel elections and a lot of other egregious things that will result in nobody or nothing being able to check the things he does…..
But will he be checked? chuq