What you need to know about the Trump administration’s tax plan
“There are a lot of good things happening on Capitol Hill right now, but there’s a lot going on behind closed doors,” said the president of the conservative Tax Foundation, which has published several analyses that argue the tax cuts would cost American taxpayers billions of dollars.
“We need to take a closer look at these things before we make policy decisions.”
According to the Tax Foundation analysis, which was released on Thursday, the House GOP tax plan would cut corporate taxes by more than $600 billion and raise the federal deficit by $5.2 trillion.
“The House Republican tax plan’s tax cuts are likely to add $6.2 to $6,000 to the annual deficit,” the report said.
“And the tax relief for middle-class families would add an additional $6 trillion to the deficit.”
In a statement to The Hill, Ryan defended the plan, saying that “the tax cuts will provide a tremendous boost to the middle class and reduce the deficit by billions of Dollars.”
“We’re going to continue to do everything we can to make sure that this plan is the right one for our economy and our families,” Ryan said.
Democrats, meanwhile, are not happy with the plan and say it could exacerbate the country’s debt problems.
Rep. Maxine Waters (D-Calif.), the ranking member on the House Budget Committee, said on CNN’s State of the Union that the plan would “increase the deficit and hurt middle-income families.”
“We have an economy that’s hurting, that’s struggling,” Waters said.