CNN Economic Analyst Explains How Republican Tax Plans Won't “Actually Cut The Deficit”

Rana Foroohar: The “Old-Fashioned Republican Formula, Trickle-Down Formula Of Cut Taxes, Cut Red Tape, You Get Growth, Isn't Quite Working”

From the November 11 edition of CNN's New Day:

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CHRIS CUOMO (HOST): What stood out for you on tax policy? It seemed to me we were hearing flat tax. They don't want to call it that necessarily. But a lot of that tax policy seems similar. What do we need to know?

RANA FOROOHAR: Well, basically, none of these tax policies, with the exception of Rand Paul's if you use some pretty crazy expectations about growth, will actually cut the deficit. And that's a big deal because Republicans are claiming that if we cut taxes and lower the deficit, that's the formula for growth. There's also no real evidence that cutting taxes in the last two decades or so has increased growth. Because if you look back under Bill Clinton, we raised taxes in '93. We got great growth. Under a Republican administration in 2001, 2003, we cut them, we got meager growth. So I think that that formula, that sort of old-fashioned Republican formula, trickle-down formula of cut taxes, cut red tape, you get growth, isn't quite working.


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