The Washington Post is out with the following story:
A new analysis of Republican presidential candidate Ted Cruz’s tax plan concluded that it would add trillions to the federal deficient while providing huge tax cuts to the nation’s wealthiest earners.
The analysis issued Tuesday by the nonpartisan Tax Policy Center found Cruz’s plan would cost $8.6 trillion over in the first 10 years, not including interest on the national debt. [Emphasis mine]
This is what passes for Conservative fiscal management these days. $8.6 trillion dollars is a lot to add to our already strained budget, but hey, maybe the goals that it accomplishes are worth it, right?
Center director Len Burman said about two-thirds of all federal discretionary spending would have to be cut to balance the budget if Cruz’s tax plan were enacted.
Oh really? But what does that mean to me in practical terms?
Not even eliminating every dollar spent on national defense, the biggest pool of money in the federal budget, would be enough, he said.
[T]hese are really big tax cuts ... that would require really big spending cuts to Social Security, Medicare, defense and all the other big things we spend money on. [Emphasis mine]
C’mon now there has to be an upside for someone, right?
Meanwhile, under Cruz’s plan, the top 0.1 percent of income earners would see their tax burden reduced 23 percent. Middle-income households would receive an average 2.4 percent tax cut, while the lowest earners would actually see their payments increase by about 1 percent, according to the analysis. [Emphasis mine]
Of course the Cruz people take exception to the report because all of these tax cuts are going to spur yuuuge economic growth. Yep. Just like all of the other times we are going to cut taxes to achieve revenue growth. Maybe our boy TC should take a look at the Tea Party Incubator that we call Kansas to see how that worked out.