(TeaParty.org) – On Monday the Treasury Department released an analysis which calculates that the Senate-approved tax plan will not only pay for itself, but is going to boost revenue by $300 billion over the next ten years.
Democrats and their think-tank, the Joint Committee on Taxation (JCT), were previously issuing a gloomy forecast for the GOP tax plan, predicting that it would add $1 trillion in deficits over the next decade. The new Treasury report completely debunks the Congressional left-wing’s diaper-wipe of a report.
Treasury said the legislation, which cuts corporate and individual taxes, would result in $1.8 trillion in additional tax revenue over a decade by spurring stronger economic growth. Subtracting tax cuts of $1.5 trillion from the measure under current law, the administration said, adds up to a gain.
[…] Treasury’s analysis forecasts annual economic growth of at least 2.9 percent, higher than the 2.2 percent estimates used by the congressional Joint Committee on Taxation.
The Treasury has based its report on the fact that changes to corporate taxation will lead to higher economic growth, saying half of the 0.7 predicted growth will come from easing the tax burden on businesses. The other half will “come from changes to pass-through taxation and individual tax reform, as well as from a combination of regulatory reform, infrastructure development, and welfare reform as proposed in the administration’s fiscal year 2018 budget.”
“The administration has been focused on tax reform and broader economic policies to stimulate growth, which will generate significant long-term revenue for the government,” Treasury Secretary Steven T. Mnuchin stated.
Before the Senate passed the bill, Republicans have criticized the JCT for underestimating economic growth. But recent data shows that gross domestic product has topped 3 percent in each of the past two quarters during Trump’s presidency, according to the Bureau of Economic Analysis.
The proof is in the pudding:
hAccording to a Breitbart report, even the Democrat-influenced JCT has abandoned some left-wing false dogma, admitting “the tax bill would significantly expand the economy over the next ten years and lead to deficits nearly 30 percent lower than earlier estimated.”
More robust economic growth would partially offset the estimated $1.414 trillion revenue losses from tax cuts by about $458 billion. As a result, the budget deficit added by tax cuts would be $1 trillion.
While that means the GOP tax cuts will not “pay for themselves,” few on Capitol Hill expected the JCT to say they would. In fact, the JCT economic models do not allow for large tax cuts to pay for themselves. The projected deficit numbers are in-line or lower than many expected.
Nine economists, all affiliated in academia and conservative groups, have backed the GOP tax plan in a letter of support, confirming that it will lead to increased economic growth. The letter was addressed to Treasury Secretary Steven Mnuchin:
Would the proposals raise current and future economic activity and generate federal tax revenue that would reduce the “static cost” of the reforms? This letter explains why we believe that the answer to these questions is “yes.”
Just like the Treasury analysis, these nine economists emphasized that the lowering of corporate taxes will lead to more investments in capital and labor. They also pointed out that the budget shortfall, which Democrats are so infuriated about, is going to be at least partly compensated for by the increased tax revenues from economic growth.
“The increased growth, in turn, would lead to greater taxable income and federal tax revenues, which would reduce the static cost of lost federal tax revenue from the reform,” the economists stated.
Why do the neo-Marxists in Congress never take into consideration economic growth that inevitably follows decreased taxation? Because everything career politicians do and believe is informed by the left-wing dogma that the government has to take care of everything.
Few have actually worked real jobs besides politics. Even fewer have owned a business. The only thing Obama’s Establishment knows how to do is steal and misallocate our money.
Left-wingers will always despise capitalism and freedom. Anything that leads to less government intrusion, and less opportunities to be a parasite and not get a useful job, is going to trigger the snowflakes.
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As previously reported, the House Ethics Committee announced Thursday it cleared Rep Devin Nunes (R-CA) of claims he mishandled classified information after dragging it out for eight months.
Rep. Devin Nunes walked away from the House Intelligence Committee Russia probe in April after he said in a press conference in March that Trump and his associates were unmasked after viewing intelligence reports.
Nunes then went to brief the President on the information in the intelligence reports before meeting with the Intelligence Committee.
The left-wing lunatics came unglued and hit Nunes with a probe that lasted eight months. Nunes slammed the accusations as “entirely false and politically motivated”.
House Intelligence Committee Chairman Devin Nunes (R-CA) gave his first interview since being cleared of a House Ethics probe and spoke to Catherine Herridge of Fox News.
“I believe there’s evidence that abuses have occurred,” Nunes told Herridge regarding the FISA courts and other surveillance practices.
“We have had an ongoing investigation into DOJ and FBI since mid-summer for both FISA abuse and other matters that we can’t get into too much. But it is very concerning.”
“I hate to use the word corrupt, but they become so dirty that, who is watching the watchmen? Who is investigating these people? There is no one.”
“It’s hard to believe that all of them, there was a very small circle that we’re looking into the Trump dossier overall.” Nunes said.
VIDEO and partially transcribed by Fox News:
Media was set ablaze Thursday after FBI Director Christopher Wray testified at a House Judiciary Committee oversight hearing. He defended the FBI against Trump’s scorched earth tweets attacking the institution’s corrupt leadership and refused to answer many key questions.
All eyes are on Trump-hating and Hillary-loving FBI agent Peter Strzok. The disgraced agent was removed from Mueller’s witch hunt after it was discovered he was sending anti-Trump text messages to his mistress FBI lawyer Lisa Page. Mueller covered-up this scandal, which is a scandal in itself.
Rep. Jim Jordan (R-OH) also unloaded on FBI Director Christopher Wray Thursday during a House hearing. The conservative firebrand demanded Wray confirm whether or not Trump-hating FBI agent Peter Strzok applied for the FISA warrant to spy on Trump officials.
Jordan told Lou Dobbs Thursday night he believes the FISA court application to spy on the Trump campaign will prove the FBI used fake dossier to spy on opposing party!
Perhaps it was discovered over the summer that Strzok used the dossier to obtain a FISA warrant to spy on Trump’s camp. Many people believe there is more to the story than Strzok being removed for anti-Trump text messages. All of Mueller’s associates are anti-Trump liberal hacks so why was Strzok singled out?
We will find out soon. The wheels on Mueller’s Deep State witch hunt are starting to fall off.
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