The evidence is in and no analysis of the tax legislation in Congress shows it covering its cost through increased economic growth, much less growing the economy enough to put a dent in the national debt. If lawmakers are truly serious about encouraging stronger economic growth over the long run, they should consider real tax reform that does not increase the debt.
Former Senator Bill Brock (R-TN) is a member of the Fix the Debt Congressional Fiscal Leadership Council. In an op-ed in the Chattanooga Times Free Press, he calls for comprehensive tax reform that does not add to the national debt.
As tax cut legislation enters a critical stretch in Congress, Fix the Debt co-founders Senator Alan Simpson and Erskine Bowles speak out on it in a Washington Post op-ed.
The claim that tax cuts will pay for themselves through stronger economic growth is one of the key arguments used by supporters of the tax legislation being debated by Congress. But the historical and economic evidence indicate that this just isn’t the case.
Tax cuts are moving forward on Capitol Hill, but they represent a step backward for fiscal responsibility.
National Debt and You