JCT Report: Trump’s Newly Signed Tax Overhaul Law Won’t Pay For Itself

President Donald Trump talks with reporters before boarding Marine One on the South Lawn of the White House, Friday, Dec. 22, 2017, in Washington. (AP Photo/Evan Vucci)
President Donald Trump displays the $1.5 trillion tax overhaul package he had just signed, Friday, Dec. 22, 2017, in the Oval Office of the White House in Washington. The bill provides generous tax cuts for corporati... President Donald Trump displays the $1.5 trillion tax overhaul package he had just signed, Friday, Dec. 22, 2017, in the Oval Office of the White House in Washington. The bill provides generous tax cuts for corporations and the wealthiest Americans, plus smaller cuts for middle- and low-income families. (AP Photo/Evan Vucci) MORE LESS
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December 22, 2017 4:55 pm
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Just hours after President Donald Trump signed Republicans’ $1.5 trillion tax overhaul into law on Friday, the Joint Committee on Taxation found that the legislation will not fully pay for itself through economic growth, despite GOP leadership’s claims.

In a new report, the committee said that the bill is not close to being deficit-neutral, despite the Trump administration’s and Republican leadership’s claims that the tax cuts in the legislation would completely pay for themselves.

After accounting for macroeconomic effects, the committee estimated that the bill will decrease federal revenue by $1.07 trillion over 10 years, a decrease from the $1.46 trillion price tag the committee initially put on the tax measure.

The committee’s new findings echoed its analysis published last month, only hours before the Senate tax bill vote.

Read the full report here:

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