Of all the lies Republican lawmakers and President Trump tell about their tax bills, the biggest whopper is that these windfall tax cuts for corporations and the wealthy would generate so much growth that they would pay for themselves.
The House and Senate tax bills probably would provide a tiny lift to the economy for a couple years — enough, supporters no doubt hope, for them to cynically claim success. It’s what comes next that the G.O.P. glosses over: the addition of more than a trillion dollars to the federal debt in just 10 years. Far from paying for themselves, these cuts would leave a bill for several future generations to pay off.
In other words, Republican leaders aren’t just trying to transfer money from current middle-class and poor Americans to corporations and the very wealthy. They are also trying to transfer money from future middle-class and poor Americans to corporations and the very wealthy.
In addition, these bills would create new incentives for businesses to move production offshore and increase the trade deficit, which will benefit foreign economies and hurt the very factory workers Mr. Trump claims to fight for.
