The Senate GOP tax bill won't produce enough economic growth to fully pay for its tax cuts, the Joint Committee on Taxation (JCT) said in an analysis released Thursday. The bill's macroeconomic effects would reduce the deficit by $408 billion over 10 years, but the bill overall would still cost about $1 trillion.
Senate Republicans have officially rejected this non-partisan analysis, just like they rejected the JCT’s previous analysis, the similarly bleak analysis from the non-partisan Congressional Budget Office, and the disastrous analysis from Donald Trump’s old alma mater, the Wharton School of Finance. Remember, kids: Facts don’t matter!
Republican Senators James Lankford and Jeff Flake, who previously claimed to be concerned with the massive increase in the federal deficit, have now announced they will vote to support the tax bill. So it will pass, with Vice-President Mike Pence casting the tie-breaking 51st vote.
