Tags: tax bill | deficit | estimate

Estimate Says Tax Bill Adds $1.46T to Deficit

Image: Estimate Says Tax Bill Adds $1.46T to Deficit
House Ways and Means Committee Chairman Kevin Brady, R-Texas, talks to reporters at the Capitol after Republicans signed the conference committee report to advance the GOP tax bill, in Washington, Dec. 15, 2017. (J. Scott Applewhite/AP)

Friday, 15 Dec 2017 09:28 PM

The preliminary deficit estimate for the final version of the GOP tax bill says it would add $1.46 trillion to the budget deficit over the coming 10 years.

The true deficit cost is likely to be even higher if lawmakers extend the tax cuts for individuals before they expire at the end of 2025. This "sunset" gimmick is used to make the tax cuts more generous over the eight years they would be in force.

The Joint Committee on Taxation analysis combines revenue losses from rate cuts with tax increases from repeal of deductions and other preferences. All told, cuts for individuals and businesses taxed under the code for individuals account for $1.1 trillion of the net tax cuts.

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The preliminary deficit estimate for the final version of the GOP tax bill says it would add $1.46 trillion to the budget deficit over the coming 10 years.
tax bill, deficit, estimate
119
2017-28-15
Friday, 15 Dec 2017 09:28 PM
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