House Tax Bill Adds $1.7 Trillion to Deficits When You Include Interest
The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
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The bill as written would move up the date we return to trillion dollar deficits by two years, to 2020.
“Today’s budget represents a dramatically worse outlook than what was released just last May," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2018/02/peterson-foundation-statement-on-presidents-budget
“In order to truly help our economy, infrastructure investments must be paid for, because adding more debt hurts our economy," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
"The potential addition of a revenue trigger is the latest in a list of fiscal gimmicks that are being included in this bill," said Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation.
https://www.pgpf.org/press-release/2017/11/peterson-foundation-statement-on-senate-tax-bill-0
The total cost of the Tax Cuts and Job Act is estimated to be $1.7 trillion between 2018 and 2027.
https://www.pgpf.org/blog/2017/11/what-the-interest-on-deficit-funded-tax-legislation-would-cost
With a new Congress and president in place, a number of important fiscal and economic policy issues have come to the forefront in January.
https://www.pgpf.org/blog/2017/01/this-month-in-fiscal-review-healthcare-taxes-and-debt
As the Trump administration marks the 100 day milestone, a number of pressing fiscal issues remain to be resolved.
Michael A. Peterson, President and CEO of the Peter G. Peterson Foundation, commented today after the White House released the outline of President Trump’s tax plan.
https://www.pgpf.org/press-release/2017/04/statement-on-administrations-tax-plan
Tax expenditures are often "spending in disguise" because they are used by Congress to direct resources to specific constituencies and priorities — much like spending programs.
https://www.pgpf.org/analysis/the-debate-over-tax-expenditures
Each year, some of the revenue the federal government collects comes from various taxes. In 2012, taxpayers paid almost $2.5 trillion, which the government used to partially fund $3.5 trillion worth of spending on Social Security, health care, and other programs in areas such as defense and education. The remainder of spending was funded through deficits.