JCX-58-17 (November 16, 2017) – Distribution Effects Of The Chairman’s Modification To The Chairman’s Mark Of The “Tax Cuts And Jobs Act,” Scheduled For Markup By The Committee On Finance On November 16, 2017.
- Committee for a Responsible Federal Budget Budget – Dynamic Scoring Confirms: House or Senate Tax Bills Would Still Add to Debt: “As more dynamic estimates of the Tax Cuts and Jobs Act (TCJA) are released, they all confirm that tax cuts do not pay for themselves. Because both the House and Senate versions of the TCJA add to the national debt, they will only improve economic growth very modestly over the long term – less than they would have if they were completely paid for. Most recently, the Penn Wharton Budget Model (PWBM) estimated the growth effects of the Senate tax bill. PWBM found that the Senate bill (as introduced) would increase the annual average growth rate by between 0.03 and 0.08 percentage points over a decade, generating between $104 billion and $359 billion of dynamic revenue. However, because the resulting faster growth would increase federal spending on interest on the debt and on programs connected to inflation, the additional economic effects would reduce the ten-year debt impact of the bill by between $27 billion and $171 billion.”
- Washington Post – “After clearing House, GOP tax plan faces obstacles in Senate – Senate Republican leaders are struggling to find enough support for their bill. Multiple Republicans have expressed reservations about the plan, which would permanently reduce the corporate tax rate but allow cuts for households and individuals to expire. The plan would also repeal the Affordable Care Act’s individual insurance mandate.”
- Wonkblog: What’s in the House bill
- Senate bill would cut taxes for millionaires but hike them for the poor, working class, report shows