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Tax racket: Running the numbers behind the Republican tax plan.

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We're adding to the debt somewhere in the order of six-tenths of 1% of GDP. It's not trivial, but it's not as disastrous as some might say. My complaint about this bill isn't the amount it adds to the debt, it's that it's giving all the money to rich people. If we're adding the same amount to the debt in order to have free college, to have universal pre-K, quality child care, or a list of many things you and I could put together - I wouldn't bat an eye.

Economist Dean Baker examines the numbers behind the Republican tax plan, and explains why the bill is clearly more about upward wealth distribution than managing the economy as a whole, and how the resulting debt increase is less worrying that what the GOP will do with it in the future - as an excuse to cut Medicare, Medicaid and Social Security.

Dean wrote the op-ed #RichPeopleNeedTaxCuts: The Republican Tax Plan for Truthout.

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Dean Baker

Dean Baker is co-director of the Center for Economic and Policy Research.

 

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