Republicans have been dismissive of claims – including CBO projections – that the tax plan winding its way through Congress will increase the national debt by an estimated 1.5 trillion dollars. Other estimates put the cost of the tax cuts at 2.3 trillion dollars if they are extended. Whatever the actual amount that the tax cuts add to the debt, the following facts remain:
- After decades of tagging Democrats as “tax and spend liberals,” Republican lawmakers are voting for a significant increase to the national debt.
- Nearly all economists dispute Republicans’ rosy economic estimates that growth will increase sufficiently to counter the increase in debt.
- No Republican lawmaker has explained how the debacle of Governor Sam Brownback’s tax cuts will not be replicated on a national level.
- President Trump over the weekend claimed that Democrats are knocking the tax bill “before they even know what the bill is all about.” The full extent and impact of the bill is also largely unknown to the Republicans who are set to pass it this week. The impact of this tax bill on the U.S. economy and debt is solely on the Republicans.
In the final analysis, this is shoddy tax policy. When policy is drawn up outside the public’s eye, it rarely is outside the influence of special interests and lobbyists.