CBO Projects $1.5 Trillion Trump Tax Cut Will Cost $1.9 Trillion

Today’s CBO budget report is out, and it tells us that the Republicans’ $1.5 trillion tax cut will increase the federal debt by…$1.9 trillion:

This comes from Table B-3 in the report. In other words, the tax cut doesn’t pay for itself. It doesn’t even partially pay for itself. It does have some positive economic feedback, but not very much, and nowhere near enough to make up for the lost revenue and the increase in interest payments:

This is not the CBO’s long-term budget report, so it only goes through 2028. During that period, spending goes up only modestly. In other words, spending still isn’t the problem. The problem is tax cuts for the rich that slash revenue and increase debt service. Put those together, and even with a modest supply-side economic benefit the tax cut still costs more than the static revenue estimate. Maybe it’s time to finally put the Laffer Curve to rest, boys.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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