Ideology versus analysis..
There are numerous of these analysis and they're pretty consisting, as is the history, for instance with the Bush tax cuts, even if this isn't accepted by some of the characters involved:
Just as these same bunch of characters argues that the economy would crash after Clinton raised taxes in the early 1990s. Instead, the economy boomed as it hasn't even come close since.
Quote:The latest evaluation of the Senate’s tax bill Thursday is enough to end the Republican “fantasy of magical growth” in the economy, top Finance Committee Democrat Sen. Ron Wyden (OR) said. Congress’s Joint Committee on Taxation, the official body tasked with estimating the tax bill’s impact, reported that the Senate Republican’s tax bill would grow the economy by about 0.8 percent over 10 years, and still cost about $1 trillion. That is a wildly lower growth number than what Republicans have been promising; Treasury Secretary Steve Mnuchin had said, “Not only will this tax plan pay for itself, but it will pay down debt.” As Republicans hurtle toward a vote on the bill, the report massively undercuts the GOP’s argument for the bill. But Senate Republicans say they just don’t believe the analysis. “I think it’s pretty clear they’re wrong,” Majority Whip Sen. John Cornyn (R-TX) said of the JCT score.Republicans are rejecting the official analysis of their tax bill’s cost - Vox
There are numerous of these analysis and they're pretty consisting, as is the history, for instance with the Bush tax cuts, even if this isn't accepted by some of the characters involved:
Quote:Republicans are not happy that their tax bills will probably add more than a trillion dollars to the federal deficit. But instead of making major changes to their legislation, some are just attacking the congressional office in charge of scoring the economic impact of their tax proposals. On Friday, as Senate Republicans worked to get enough support to pass their tax bill, George W. Bush's former tax cut architect blasted the analysis of the Joint Committee on Taxation. He accused the JCT of "playing games" to thwart the bill, according to a note obtained by CNBC.Bush's tax cut architect attacks official estimate of tax bill as a "fraud” - Vox
On Thursday, the JCT determined that the latest Senate version of the tax bill will add more than $1 trillion to the deficit, even factoring in potential economic growth that could result from cutting taxes. Their analysis has strained tax negotiations in the Senate, where Republicans can only lose three votes to pass their bill. Several lawmakers have expressed concerns about blowing up the deficit. Larry Lindsey, the former Bush adviser who now heads a private economic advisory firm, thinks its better blame the JCT than come up with a better bill. In a note to a client, he said JCT's analysis was "absurd," according to CNBC, and said the analysts are "part of the swamp."
"In effect, the results of the model are just what the staff decides they are since they are the ones in control of the parameters of the model," Lindsey wrote. "The staff uses the artifice of a black box model to come to whatever conclusion they want." Lindsey was an economic policy adviser to President George W. Bush and director of the National Economic Council from 2000 to 2001. He was one of the key architects of Bush's $1.35 trillion tax cut plan, which ended up mostly benefiting the wealthiest 1 percent of American taxpayers. Those tax cuts didn't pay for themselves with economic growth either, despite Lindsey's claims at the time that they would. In 2002, Lindsey resigned from his role at the White House amid concerns about the sluggish US economy.
Just as these same bunch of characters argues that the economy would crash after Clinton raised taxes in the early 1990s. Instead, the economy boomed as it hasn't even come close since.