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Tax Plan Deceptions Come Under Scrutiny by Inspector General

Courtesy of Pam Martens

U.S. Treasury Secretary Steven Mnuchin Speaking at the Institute of International Finance, April 20, 2017

U.S. Treasury Secretary Steven Mnuchin Speaking at the Institute of International Finance, April 20, 2017

On April 20 of this year, U.S. Treasury Secretary Steven Mnuchin spoke about the Trump administration’s tax plan at the Institute of International Finance. (Watch the video here.) Mnuchin described how the plan would pay for itself without adding to the national debt. He stated:

“The deal will pay for itself. Now, having said that, we fundamentally believe in dynamic scoring. So, as you know, static scoring – you change the tax code, you plug it in, you see what the cost is. So, you are correct, fundamentally you’re lowering taxes under a static score, it’s gonna cost money. Now, having said that, some of the lowering in rates is going to be offset by less deductions, in simpler taxes. So, some of it will be made up on that but the majority of it will be made up on in what we believe is fundamentally growth and dynamic scoring.

“And, you know, these are huge numbers. I mean you could have as high as $2 trillion difference in revenues over a 10-year period, depending on what you think is going to be the growth function. So the plan will pay for itself with growth.”

The United States Congress has already sentenced the next generation to a lower standard of living by virtue of its current $20.5 trillion in national debt. Just in the past fiscal year, the U.S. ran up a deficit of $666 billion. That follows deficits of $585 billion in 2016, $438 billion in 2015, $485 billion in 2014, $679 billion in 2013 and more than $1 trillion in deficits in each year from 2009 through 2012 despite extraordinary efforts to stimulate the economy following the 2008 Wall Street financial collapse.

The idea that cutting the taxes of corporations (which use their profits to buy back their own shares in order to artificially inflate share prices) and millionaires/billionaires (who own the vast majority of stocks that benefit from this share price inflation) will somehow trickle down to the real economy and the average Joe is simply another grand illusion from the Trump team.

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