The Tax Foundation projected that the revised GOP tax plan would leave the country with $448 billion in deficits even after accounting for economic growth.
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The group, which Republicans prefer because it makes optimistic assumptions about the benefits of tax cuts, said gross domestic product would be 1.7% higher over the long term, with an additional 339,000 jobs and 1.5% higher wages.
But that wasn't enough to ensure the tax cuts would pay for themselves. The Tax Foundation said that the tax cuts would cost $1.47 billion, but that the losses would be blunted by an additional $700 billion in revenue from new economic activity and the repeal of the health law's individual mandate that most people get insurance or pay a penalty, which is expensive because it tends to lead the government to pay out more in health-insurance subsidies.
-- Siobhan Hughes
(END) Dow Jones Newswires
December 18, 2017 09:37 ET (14:37 GMT)