Despite GOP Claims TCJA Renewal Would Shrink GDP & Skyrocket Deficits

Moments ago, the nonpartisan Congressional Budget Office (CBO) released a bombshell report revealing that renewing Trump’s 2017 tax bill would reduce national GDP and increase deficits. This report contradicts recent claims by President-Elect Trump and his Congressional allies that the proposed $4.6 trillion tax bill—which primarily benefits ultra-wealthy individuals and large corporations—would stimulate the economy and be budget neutral. In response, Americans for Tax Fairness released the following statement:

“The recent CBO report is even more damning than previous iterations—using the country’s credit card to give away trillions of dollars to the wealthiest Americans and big corporations would be disastrous for our economy and the average American,” said David Kass, ATF’s Executive Director. “The Trump Tax Scam bill has never been about economic growth or improving the lives of working and middle-class Americans. It’s always been about further enriching political and economic elites even at the cost of our economic future. Moving forward, the incoming Administration and Congressional Republicans must answer why they plan to make hardworking Americans worse off, shrink our economy, and increase the deficit by $4.6 trillion.”