AP Photo/J. Scott Applewhite
The Senate tax bill would significantly expand the economy over the next ten years and lead to deficits nearly 30 percent lower than earlier estimated, according to an analysis of the bill released by the Joint Committee on Taxation Thursday.
More robust economic growth would partially offset the estimated $1.414 trillion revenue losses from tax cuts by about $458 billion. As a result, the budget deficit added by tax cuts would be $1 trillion.
While that means the GOP tax cuts will not “pay for themselves,” few on Capitol Hill expected the JCT to say they would. In fact, the JCT economic models do not allow for large tax cuts to pay for…