Republicans have tried to keep their tax cuts for the rich legislation a secret, but a new report from the Committee for a Responsible Federal Budget (CRFB) revealed that their total cost of their tax cuts could be as high as $2.2 trillion.
The CRFB analyzed the final bill and found, “The final conference committee agreement of the Tax Cuts and Jobs Act (TCJA) would cost $1.46 trillion under conventional scoring and over $1 trillion on a dynamic basis over ten years, leading debt to rise to between 95 percent and 98 percent of Gross Domestic Product (GDP) by 2027 (compared to 91 percent under current law). However, the bill also includes a number of expirations and long-delayed tax hikes meant to reduce the official cost of the bill. These expirations and delays hide $570 billion to $725 billion of potential further costs, which could ultimately increase the cost of the bill to $2.0 trillion to $2.2 trillion (before interest) on a conventional basis or roughly $1.5 trillion to $1.7 trillion on a dynamic basis over a decade. As a result, debt would rise to between 98 percent and 100 percent of GDP by 2027.”
Republicans are going to blow up the deficit to an even greater degree than first estimated. What this means in real-world terms is that Republicans are going to be looking to cut Social Security and Medicare even deeper to pay for tax cuts for rich people. Let’s be honest the goal of the GOP is the elimination of Social Security and Medicare as we know it.
Be prepared to hear Republicans say that the country can no longer afford the Children’s Health Insurance Program, Meals On Wheels, community health centers, and Head Start just to name a few programs beyond Social Security and Medicare that will be on the chopping block.
The Republican tax cut bill is full of budget gimmicks that could cost as much $725 billion.
Someone is going to have to pay for all of this, and that person will be you.
Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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