Proposed Tax Cuts to 1% Will Increase Federal Debt by $6.6 Trillion, Say Reagan Tax Specialists

Feb 6th, 2017

"The Tax Policy Center (TPC) has estimated the revenue cost and the distributional effects of a plan consistent with the House GOP blueprint."

"Federal revenues would fall by $3.1 trillion over the first decade before accounting for added interest costs and macroeconomic effects. Including both those factors, the federal debt would rise by at least $3.0 trillion over the first decade and by at least $6.6 trillion by the end of the second ten years."

"Three-quarters of the tax cuts would benefit the top 1 percent of taxpayers and the highest-income taxpayers (0.1 percent of the population, or those with incomes over $3.7 million in 2015 dollars) would experience an average tax cut of about $1.3 million, 16.9 percent of after-tax income."

Tax Policy Center
(established by tax specialists who had served in the Ronald Reagan,
George H.W. Bush, and Bill Clinton administrations)