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1.9 Trillion extra over ten years
1.9 Trillion extra over ten years The latest CBO estimate is that the tax cut will add $1. 9 Trillion to the deficit over ten to 2028 instead of the claimed $1.1 Trillion. So much winning... Retiring Tennessee Sen. Bob Corker (R) said his vote on the GOP tax law could be of the worst of his career if estimates that it will add $1.1 trillion to deficits over a decade prove correct. “If it ends up costing what has been laid out here, it could well be of the worst votes I’ve made,” he said at a Senate Budget Committee hearing on the Congressional Budget Office, CBO, estimate that produced the figure. “I hope that is not the case, I hope there’s other data to assist, whether it’s jobs or growth or whatever,” Corker added. Corker voted against a version of the GOP tax-cut bill in early December, and was the only Republican senator at the time to cast a “no” vote on the bill. But he voted for the final bill after a House-Senate conference, joining the rest of his Senate GOP colleagues to support the legislation backed by Trump. The new CBO estimate that the bill would cost $1. 9 trillion through 2028 is higher than previous available estimates, largely because it includes the interest costs of servicing the debt, as well as more recent economic data. The Joint Committee on Taxation had estimated the bill would cost roughly $1.1 trillion over a decade at the time Corker cast his vote. Both estimates take into account the effects of economic growth on revenues. At the hearing, Corker said “None of us have covered ourselves in glory. This Congress and this administration likely will go down as of the most fiscally irresponsible administrations and congresses that we’ve had.” |
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This money deficit will crowd out spending on useful things like education, infrastructure, healthcare, Social Security, pollution control and repair to superfund sites, etc.
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