“The deal will pay for itself,†Mnuchin declared during a question-and-answer session at the Institute of International Finance’s Washington Policy Summit. The secretary added, however, that the administration “fundamentally believe[s] in dynamic scoring†and will judge the proposal’s impact on the deficit accordingly.
Treasury Secretary Steve Mnuchin said Thursday that economic growth will pay for a “majority†of President Trump’s tax reform plan, acknowledging that eliminating loopholes and deductions will finance only a portion of the ambitious proposed overhaul of the nation’s tax code.
Conservatives have long argued that the cost of tax cuts should be evaluated using dynamic scoring, rather than traditional scoring. They don’t believe tax cuts must be fully paid for in legislative text, arguing that the economic growth they create will outweigh any additional money the tax cuts add to the national debt.
Many progressives dispute that claim, saying that past tax cuts haven’t yielded the economic growth that dynamic-scoring proponents have promised. They believe dynamic scoring encourages fiscally irresponsible proposals that will blow up the deficit.
Speaking of things that were supposed to pay for themselves....Who Said the War Would Pay for Itself? They Did!
There is a lot of money to pay for this that doesn’t have to be US taxpayer money, and it starts with the assets of the Iraqi people. We are talking about a country that can really finance its own reconstruction and relatively soon.â€
“When it comes to reconstruction, before we turn to the American taxpayer, we will turn first to the resources of the Iraqi government and the international community.â€
“It is unimaginable that the United States would have to contribute hundreds of billions of dollars and highly unlikely that we would have to contribute even tens of billions of dollars.â€
“The deal will pay for itself,†Mnuchin declared during a question-and-answer session at the Institute of International Finance’s Washington Policy Summit. The secretary added, however, that the administration “fundamentally believe[s] in dynamic scoring†and will judge the proposal’s impact on the deficit accordingly.
Treasury Secretary Steve Mnuchin said Thursday that economic growth will pay for a “majority†of President Trump’s tax reform plan, acknowledging that eliminating loopholes and deductions will finance only a portion of the ambitious proposed overhaul of the nation’s tax code.
Conservatives have long argued that the cost of tax cuts should be evaluated using dynamic scoring, rather than traditional scoring. They don’t believe tax cuts must be fully paid for in legislative text, arguing that the economic growth they create will outweigh any additional money the tax cuts add to the national debt.
Many progressives dispute that claim, saying that past tax cuts haven’t yielded the economic growth that dynamic-scoring proponents have promised. They believe dynamic scoring encourages fiscally irresponsible proposals that will blow up the deficit.
More: http://www.cbsnews.com/news/growth-will-pay-for-a-majority-of-tax-reform-treasury-secretary-steven-mnuchin-says/
http://www.zerchoo.com/news/growth-will-pay-for-a-majority-of-tax-reform-treasury-secretary-says/
#Taxes #DejaVu #TaxReform #ItWillPayForItself
Speaking of things that were supposed to pay for themselves....Who Said the War Would Pay for Itself? They Did!
There is a lot of money to pay for this that doesn’t have to be US taxpayer money, and it starts with the assets of the Iraqi people. We are talking about a country that can really finance its own reconstruction and relatively soon.â€
“When it comes to reconstruction, before we turn to the American taxpayer, we will turn first to the resources of the Iraqi government and the international community.â€
“It is unimaginable that the United States would have to contribute hundreds of billions of dollars and highly unlikely that we would have to contribute even tens of billions of dollars.â€
https://www.thenation.com/article/who-said-war-would-pay-itself-they-did/