BREAKING: Trump Budget Numbers Make No Sense

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Jon Chait says the Trump White House has made a $2 trillion mistake:

Trump has promised to enact “the biggest tax cut in history.” Trump’s administration has insisted, however, that the largest tax cut in history will not reduce revenue, because it will unleash growth….But then the budget assumes $2 trillion in higher revenue from growth in order to achieve balance after ten years. So the $2 trillion from higher growth is a double-count. It pays for the Trump cuts, and then it pays again for balancing the budget.

It’s true that the budget summary document includes a line item called “Effect of economic feedback” (in Table S-2) that comes to $2.062 trillion over ten years. Is that the same as the economic feedback that will pay for tax cuts? Who knows, really. It’s all just made-up nonsense anyway. But here’s an interesting thing. In the detailed projections, the Trump budget projects lower tax revenue than the final Obama budget:

What’s up with that? Does the Trump budget not include any economic feedback after all? But even if it doesn’t, why is their projection lower than Obama’s? Is it so they can use this lower number as a new baseline for comparison when they unveil their growth-exploding tax plan later in the year?

I know, I know: who cares? The Trump numbers are just random gibberish plucked from the sky. Still, you’d think they could at least make them agree from one spreadsheet to the next. Where’s the economic feedback in the tax revenue numbers?

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And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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