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Trump's tax cut plan will be cripplingly expensive for most Americans

The House-passed Republican tax cut will likely exceed the cost of three of the most expensive laws over the past decade combined.

However, most of the bill’s cost derives from extending the current TCJA, which leaves unanswered how continuing the same tax policies would suddenly cause economic growth rates to spike to their highest sustained level since the 1990s. The modest growth effects of tax relief are swallowed by the economic drag of adding tens of trillions of dollars to the long-term federal debt, which in turn diverts national savings away from the investments that would start businesses, create jobs and raise incomes. With the labor force already set to stop growing due to low fertility, baby boomer retirements and Trump’s immigration restrictions, meeting the GOP’s economic targets would require nearly doubling the growth rate of worker productivity.

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