Trump Tax Cuts Add WAY More Debt Than Advertised
“Experts” low-balled the amount of debt the Republican tax plan would entail. Cenk Uygur and John Iadarola, hosts of The Young Turks, discuss. http://www.tytnetwork.com/join
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“The GOP’s signature tax law is projected to increase the national debt by $1.9 trillion between 2018 and 2028, according to a new report by the Congressional Budget Office (CBO).
According to the report, the tax law would cost the government $2.3 trillion in revenues, but economic growth would offset that figure by about $461 billion.
At 11 years, the report covers a slightly longer time period than the usual 10-year projections, but even accounting for just the first decade, the figure remains around $1.9 trillion.
Some Republicans argued vociferously during the tax debate that tax cuts in the bill would pay for themselves, with Treasury Secretary Steven Mnuchin going so far as to say that they would ultimately reduce the national debt and deficits.”*
Hosts: Cenk Uygur, John Iadarola
Cast: Cenk Uygur, John Iadarola
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