It's a miracle! Jeanuuuus Cohn says we can pay for the entire tax cut through economic growth

[HAB911]

Tax cuts Republicans proposed this week will be paid for entirely through economic growth, chief White House economic advisor Gary Cohn said Thursday.

Republicans issued the tax overhaul plan Wednesday that simplifies the tax code, breaking rates down into three categories and cutting corporate rates. The plan also seeks to give companies a break for profits stashed overseas while doubling the standard deduction for most filers.

The tax cuts are projected to cost at least $1.5 trillion and up to $2.2 trillion, according to one analysis. Tax reform, along with reduced regulation and infrastructure spending, was the cornerstone President Donald Trump's 2016 election campaign.

Cohn said the cuts won't increase the budget deficit.

https://www.cnbc.com/2017/09/28/trump-advisor-gary-cohn-says-we-can-pay-for-the-entire-tax-cut-through-economic-growth.html

[spanone]

1. it will put our grandchildren in debt

[HughBeaumont]

2. That only works if companies hire.

There's never been a time in modern history when layoffs DIDN'T happen after tax cuts.

Just witness Bush's anemic growth, ballooning of the debt and subsequent economic disaster after he enacted TWO giant tax cuts.

This decades-debunked economic sleight of hand . . . larceny . . . whatever we're calling it . . . is only believed by College Republicans and idiots.

[Eyeball_Kid]

3. And we were all born yesterday.

Our children can tell us: If it sounds too good to be true, it is.

[world wide wally]

4. This is exactly what W said about his tax cut

[socialist_n_TN]

7. Go back further. That's exactly what Reagan said.........

about his tax cuts.

[marylandblue]

5. I am waiting for them to cut taxes to zero

So we can enjoy infinite economic growth.

[n2doc]

6. They always say that. It never happens.

If they do pass this monstrosity expect deficits to soar. Just like with W, just like with Reagan.

Businesses hire because of demand. Not because they have more money. If they have more money they buy back stock and give it to the CEO's who control how that money is spent.

[socialist_n_TN]

8. I've heard this shit for 40 years now........

and it NEVER happens.

This is because Republicans and, quite frankly most Democrats, think that business will invest that extra money from tax cuts into the productive sector of the economy, the sector that actually DOES provide jobs for the rest of us. But it's capitalism. HAVING more money is not what's required for them to INVEST more money. What spurs investment under capitalism is NOT access to money, it's the profit that can be MADE from those investments.

Of course, maybe they DON'T really think that. Maybe they KNOW that profit is the driver of investment, but they can't SELL tax cuts to the public if that's the way they frame the argument. So maybe they're just lying to the public in order to gain support for the tax cuts.

[Buns_of_Fire]

9. Hark! Is that the sweet sound of trickling-down I hear?

Why yes, yes it is. But it sure doesn't SMELL like rain.

[MineralMan]

10. Right, and It Will Trickle Down, too.

Yes, indeed... <= necessary?