Treasury Says GOP Tax Bill Will Generate $1.8T In Revenue
WASHINGTON (AP) – The Trump administration is now estimating the Republican tax bill will generate about $1.8 trillion in new tax revenue over 10 years by boosting economic growth.
But that’s a lot more than nonpartisan congressional analysts have projected. The Joint Committee on Taxation estimates that growth stimulated by the anticipated tax cuts will generate some $409 billion in additional tax revenue over 10 years.
President Donald Trump and Republican leaders in Congress have promoted the massive tax plan by promising the tax cuts will boost the economy. The $1.5 trillion House and Senate tax bills combine steep tax cuts for corporations with modest reductions for individuals.
The new Treasury Department analysis out Monday says about half the expected increase in economic growth likely will result from tax benefits for corporations.