US EditionGOP beats down key budget office over tax plan projections
- Donald Trump and House Republicans are challenging the Congressional Budget Office's tax plan projections as they push a bill to extend and expand the 2017 tax cuts in 2025.
- The GOP critiques stem from CBO and Joint Committee on Taxation estimates showing minimal economic growth and a multi-trillion-dollar budget shortfall, despite disagreements on growth assumptions.
- Economic data from 2018 and forecasts by Goldman Sachs and other institutions suggest the GOP's expected growth boost is unrealistically high and insufficient to offset the tax cuts' cost.
- Republican leaders, such as Mike Johnson, accuse the CBO of systematically underestimating growth and argue for a 3 percent growth rate that would offset deficits, a view contested by most economists including Marty Sullivan.
- If enacted without offsets, the GOP tax plan could increase the national debt by over $5.5 trillion over ten years, while critics warn it shifts benefits to higher earners at the expense of social programs and state revenues.
3 Articles
3 Articles
GOP plan could mean lower taxes for Missourians
COLUMBIA, Mo. (KMIZ) Missourians could find themselves with more money in their pockets if proposed federal tax changes make it through the Senate. From 2025 through the end of 2028, single filers could receive an additional $1,000 and joint filers $2,000, according to a Tax Foundation analysis. At the same time, the U.S. House-approved "One, Big, Beautiful Bill Act" could mean at least $170 million in cuts to Missouri state revenues. The House …
Trump Lashes Out at ‘Unpatriotic’ Budget Office for Exposing True Cost of Tax Plan, GOP Piles On
Donald Trump and top Republicans are going after the Congressional Budget Office (CBO), accusing the nonpartisan agency of lowballing economic growth and undermining their effort to sell a massive new round of tax cuts. The GOP is pushing a bill in the House that would make Trump’s 2017 tax cuts permanent — and add more on top of them. But estimates from the CBO and other economic forecasters show the plan could blow a multi-trillion-dollar hole…
GOP beats down key budget office over tax plan projections
Republicans are using Congress’s official budget scorer as a whipping boy, as they argue a major package of President Trump’s tax priorities is costless, despite multiple projections placing the plan’s price tag at trillions of dollars over the next decade. While the Congressional Budget Office (CBO) has not yet released its final estimate of House Republicans’…
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