Hoyer Statement on the Joint Committee on Taxation Dynamic Score of the Senate GOP Tax Scam
Press Types
Press Release
For Immediate Release:
November 30, 2017
Contact Info:
Mariel Saez 202-225-3130
WASHINGTON, DC - House Democratic Whip Steny H. Hoyer (MD) released the following statement today on the dynamic score of the Senate GOP tax bill released by the Joint Committee on Taxation, which confirms that the GOP tax scam will add over a trillion dollars to the deficit:
“Even when applying Republicans’ favored analytical tool of ‘dynamic scoring,’ their tax cuts would not come close to paying for themselves. Instead, they would add more than $1 trillion to deficits over the next ten years, according to a report released this afternoon by the Joint Committee on Taxation (JCT). The JCT analysis found that economic output – which Republicans have claimed would be massive and more than make up for deficit losses through added revenues – would be insufficient to cover more than two thirds of the bill’s $1.5 trillion cost.
“Now that Republicans’ tax proposal has been shown to balloon deficits and yield far less economic growth than they have promised, it is time to abandon this legislative disaster. The American people do not want to raise taxes on 82 million middle-class households in order to provide massive tax cuts to the wealthy. Instead, they want us to work together to craft bipartisan, permanent tax reform that is revenue-neutral and doesn’t simply transfer wealth from those struggling to get by to those at the very top.”
“Even when applying Republicans’ favored analytical tool of ‘dynamic scoring,’ their tax cuts would not come close to paying for themselves. Instead, they would add more than $1 trillion to deficits over the next ten years, according to a report released this afternoon by the Joint Committee on Taxation (JCT). The JCT analysis found that economic output – which Republicans have claimed would be massive and more than make up for deficit losses through added revenues – would be insufficient to cover more than two thirds of the bill’s $1.5 trillion cost.
“Now that Republicans’ tax proposal has been shown to balloon deficits and yield far less economic growth than they have promised, it is time to abandon this legislative disaster. The American people do not want to raise taxes on 82 million middle-class households in order to provide massive tax cuts to the wealthy. Instead, they want us to work together to craft bipartisan, permanent tax reform that is revenue-neutral and doesn’t simply transfer wealth from those struggling to get by to those at the very top.”