The U.S. Treasury Department released an analysis of the GOP’s tax reform plan Monday, prompting Senate Minority Leader Chuck Schumer to denounce the measure as “fake math.”
The New York Democrat called the agency’s one-page analysis “nothing more than one page of fake math,” according to Reuters.
“It’s clear the White House and Republicans are grasping at straws to prove the un-provable and garner votes for a bill that nearly every single independent analysis has concluded will blow up the deficit,” Schumer said in a statement.
The Treasury Department claimed the tax overhaul would pay for itself within 10 years, and based its prediction off a 2.9 percent annual economic growth assumption, Reuters reported Monday. A 2.9 percent annual growth rate could be achieved through tax cuts, and regulatory reform, Trump said.
Tax reform has been a divisive issue for both Republicans and Democrats. The GOP has claimed the bill will reduce the overall tax burden on the middle class while spurring economic growth. Democrats have claimed the bill will cause people to lose their health insurance, however, and only benefit the wealthiest Americans.
Last month 137 economists signed a letter endorsing the GOP’s plan, and J.P. Morgan said stocks will soar if the measure is signed into law. Democrats have come out strongly against the plan, with former President Barack Obama economic adviser Larry Summers claiming it will kill 10,000 people a year due to the repeal of an Obamacare individual mandate.
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