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.
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.
Continue Reading Below
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)