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Mark Meadows, Freedom Caucus chairman: Tax cuts should pay for themselves over 15 years

The head of the House Freedom Caucus said Friday he is confident the GOP’s plan to overhaul the federal tax code will pay for itself over 15 years, downplaying warnings from fiscal hawks who warn the proposal will push the nation deeper into debt.

Republican lawmakers on Thursday rolled out their long-awaited rewrite of the tax code, unveiling a $ 1.5 trillion plan that aims to slash the corporate tax rate and put more money back into the pockets of American taxpayers.

Rep. Mark Meadows, North Carolina Republican, described the tax plan as “pro-growth” and said the initial analyses of the economic growth that will come from the proposal are “very exciting.”

“I believe that a short-term deficit will end up over a 15-year period paying for itself as long as we get the kind of GDP growth it appears that we are going to get,” Mr. Meadows said on MSNBC’s “Morning Joe.” “It is one of those things that you take what you’ve got on a particular situation and look to show some restraint on some of those fiscal issues going forward.”

Mr. Meadows, though, said that he doesn’t expect President Trump to push for changes to the entitlement programs — Social Security and Medicare — that are the biggest drivers of the national debt.

He said Congress will likely look to save money by looking at tightening work requirements for health care.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, warned Thursday that the tax plan will increase the debt and “amounts to almost $ 12,000 per household — a steep price passed on to our children.”

“With debt higher than any time since just after World War II and trillion-dollar annual deficits slated to return by 2022 under current law, there is no justification to adding trillions more to the nation’s credit card,” Ms. MacGuineas said. “No credible model shows that tax cuts will create enough growth to fill in the funding gap, and increasing the debt can actually slow economic growth, leaving us in worse shape than before.”

Source: www.washingtontimes.com stories: Politics

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