I am confused by Senator Crapo’s position on the Republican tax plan. Quote from his website: “Our nation faces many threats but perhaps the biggest is our growing, unsustainable national debt. Now around $20 trillion, our debt is hurting our ability to prepare and respond to threats and crises, invest in infrastructure and other priorities, and grow jobs. During my visits to all 200 incorporated cities in Idaho, every meeting opened with a sober conversation about our debt and deficits. It is an urgent issue for many Idahoans who agree we must reduce our spending and balance the federal budget.”
Meanwhile the Joint Committee on Taxation says: “We estimate that this proposal would increase the level of output (as measured by Gross Domestic Product) by about 0.8 percent on average over the 10-year budget window. That increase in income would increase revenues, relative to the conventional estimate of a loss of $1,414 billion (provided in JCX-59-17) by $458 billion over that period. This budget effect would be partially offset by an increase in interest payments on the Federal debt of about $50 billion over the budget period.”
Looks like the deficit will increase by $1 trillion.
Is that OK Senator?
Steve Simpson, Boise