Tax cut plan will actually boost revenue by $300 billion
Washington Times:
The Treasury Department said Monday that the Senate-approved tax reform plan would pay for itself and more, actually boosting revenue by $300 billion over 10 years.This is also supported by the history of tax cuts increasing revenue. If Congress controls spending it should lead to a surplus that can be used to pay down the debt that Obama incurred with his high regulation and high tax policies.
The one-page analysis by Treasury counters a congressional forecast that the tax cuts would add about $1 trillion in deficits over the next decade.
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.
“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,” said Treasury Secretary Steven T. Mnuchin.
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.
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