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Senate GOP Wary of New Tax Cut Sequel

In his article “Senate GOP wary of new tax cut sequel,” Alexander Bolton described Republican reactions to the CBO scoring of the new tax bill and opinions over making the individual tax cuts permanent. He cites projections from Penn Wharton Budget Model (PWBM) in order to demonstrate the likely effects on the national debt from extending the individual tax cuts.

PWBM projects that making the individual tax cuts permanent would reduce GDP during the first 10 years and beyond. By 2027, debt increases between $573 and $736 billion. By 2040, debt increases between $5.2 trillion and $6.1 trillion. This debt is in addition to debt added by the Tax Cuts and Jobs Act passed into law in December 2017.

In response to these projections Senator Bob Corker said that his response to question of making the tax cuts permanent would be “hell no-- double hell no”.