Sen. Dean Heller helped write and pass a tax scam that he said would pay for itself, but a new analysis from POLITICO shows clearly what we already knew: it definitely, definitely won’t. For years, Heller has pretended to be a fiscal hawk who repeatedly raised concerns about the growing national debt. Turns out Heller is more than willing to spike the deficit when it’s good for his wealthy donors and corporate special interests!
Dec. 5, 2017: Heller said the GOP tax bill “will generate over a trillion dollars in new revenue, which would overcome any kind of a deficit.” [KLAS, 12/5/17]
Between new cost estimates and the White House’s own budget numbers, the wheels are coming off Republican claims that President Donald Trump’s tax cuts will pay for themselves by generating increased growth and government revenues over the next decade.
“Not only will this tax plan pay for itself but it will pay down debt,” Treasury Secretary Steven Mnuchin famously boasted in September. But his own department’s analysts now peg the 10-year cost at $2.3 trillion given the administration’s assumption that tax breaks for individuals and large estates will be extended past 2025.
POLITICO’s own calculations, working entirely from data in the 2018 and 2019 budgets, indicate that the added revenues generated by the tax cuts themselves would fall substantially short of matching $2.3 trillion.
For the years 2018 to 2027, the shortfall ranges from $1 trillion to $1.3 trillion. In measuring for 2019 to 2028, the picture improves, but the 10-year shortfall still is between $700 billion to $1.1 trillion.