In addition to the other bleak reports released yesterday, the congressional Joint Committee on Taxation (JCT) also released an updated analysis of the GOP tax cut plan that found it will come nowhere close to paying for itself.
The economic growth resulting from the bill would lower the measure's revenue loss by more than $400 billion over 10 years. However, the bill would still cost about $1 trillion over a decade, even after accounting for those revenues, according to the Joint Committee on Taxation (JCT). [...]
House Ways and Means Committee Chairman Kevin Brady (R-Texas) said Monday that he thinks the analysis reflects the fact that JCT "historically is a very conservative estimator of growth."
If Kevin Brady wants to talk about the historical record, I'm all for it. We can talk about the fact that tax cuts have never produced enough economic growth to pay for itself.
In very recent history, tax cuts actually reduced economic growth. The economy of Kansas shrank in 2015, 2016, and 2017. State lawmakers recently repealed former Governor Sam Brownback's signature tax cuts and it's the first real opportunity they've had in years to turn the state's economy around.
Republicans in Congress want to replicate the Kansas model in 2018 by passing massive spending cuts to follow up their massive tax cuts.
There's no reason to think the country won't see the same results as Kansas did.