Monday, September 17, 2018
Washington Post, New Estimate: GOP’s Second Tax Cuts Would Add $3.8 Trillion to Deficit:
A second round of Republican tax cuts would add an additional $3.2 trillion to the federal deficit over a decade, according to a new report released by a centrist think-tank.
The package was taken up by a House committee on Thursday and is expected to head to a vote on the floor later this month.
The GOP’s “tax reform 2.0” would make permanent many of the individual and estate tax provisions in the tax law Republicans passed last fall, which the Congressional Budget Office said would already add about $1.9 trillion to the deficit, factoring for interest costs.
The second round of cuts would cost $631 billion before 2028 and an additional $3.15 trillion in the decade after that, according to the Tax Policy Center.
The finding was somewhat larger than the $2.4 trillion cost over 10 years projected by the Tax Foundation, a conservative think-tank.