Rep. Kevin Brady (R-Tx.) has made a concession. The enormous tax cuts the Republicans passed in 2017 may not pay for themselves, despite repeated promises from him and his party. From The Washington Post:
“Pressed about what portion of the tax cuts were fully paid for, Brady said it was “hard to know.”
“We will know in year 8, 9 or 10 what revenues it brought in to the government over time. So it’s way too early to tell,” said Brady at the Peterson Foundation’s annual Fiscal Summit in Washington D.C.“
As The Post reports, Brady’s comments are contrary to what he and the party were saying two years ago. Then, they claimed economic growth would fully pay for the tax cuts.
But since then the federal deficit has skyrocketed in part because corporate tax receipts are down dramatically after the GOP tax cut.