According to a new study, The House tax Bill will create over 975,000 jobs, cut taxes by $2 trillion and raise wages 3.1%.
The new House Republican tax bill would cut taxes by almost $2 trillion over the next 10 years and boost economic growth enough to create 975,000 additional new jobs, according to an analysis released Friday by the Tax Foundation.
The think tank also estimated that the bill would boost wages by more than 3.1 percent over the long term, a helpful finding to Republicans.
Although this was good news, the entire study wasn’t all good news for Republicans.
The analysis also contains bad news for Republicans, though. It concluded that the bill would amount to a $989 billion reduction in tax revenue over 10 years even after taking into account that it would accelerate economic growth. President Trump’s advisers have said that the plan would pay for itself when its effects on the economy are taken into consideration. Several Republican senators have said they don’t want to vote for a bill that would increase the federal deficit.
The Tax Plan is by no means perfect but it is a nice step in the right direction. We must continue to push Republicans to cut taxes for all classes of people and also strip the funding from wasteful programs that waste taxpayer money each year.