The Senate GOP’s tax-cut plan would result in modest economic growth in the coming decade that would shave about $400 billion off its $1.4 trillion price tag, according to a report from congressional scorekeepers released Thursday.
The proposal would boost economic growth by about 0.8 percent on average over 10 years, but the positive budgetary effects would be partially offset by higher interest payments on the federal debt, according to the Joint Committee on Taxation (JCT).
Factoring in broader economic effects, the plan would cost slightly more than $1 trillion over 10 years, the report said.
That’s within the $1.5 trillion limit set by budget rules lawmakers are working under, but falls short of estimates from some conservatives that economic growth would more than offset the initial cost of the bill in the long run.
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