RUSH: Bob Corker. Bob Corker says tax cuts could be one of the worst votes he has ever made. “Retiring Tennessee Sen. Bob Corker (R) said his vote on the GOP tax law could be one of the worst of his career if estimates that it will add $1.9 trillion to deficits over a decade prove correct. ‘If it ends up costing what has been laid out here, it could well be one of the worst votes I’ve made,’ he said at a Senate Budget Committee hearing on the Congressional Budget Office (CBO) estimate that produced the figure.”
The next story is from Investor’s Business Daily. “It’s Official: Trump Tax Cuts Are Boosting Growth And Mostly Paying For Themselves — When the Congressional Budget Office released its updated budget forecast, everyone focused on the deficit number. But buried in the report was the CBO’s tacit admission that it vastly overestimated the cost of the Trump tax cuts.”
So Corker, who said (imitating Corker), “Oh, my God, $1.9 trillion, oh, my God, worst vote I’ve ever made.” CBO has said we overestimated that. That’s the cost of the Trump tax cuts. You know why? Dynamic versus static scoring. They even admit here, the CBO admits “it didn’t account for the strong economic growth they would generate,” even though they always do.
Now, this is mind-boggling. In addition to all this, it was reported today that the federal government, even after the tax cut, continues to collect record amounts of tax revenue. Tax collections are at an all-time high. One and a half trillion in the first quarter. It’s amounts that we can’t even comprehend. And yet we have these deficits in the national debt ratcheting up, and one thing that remains constant is, you’re not undertaxed. We’re overspent.
We have a spending problem. We do not have a taxation problem. But Corker needs to get back with the CBO here, because they are admitting that the Trump tax cuts are paying for themselves. This is exactly what we knew was gonna happen. The CBO does not measure things such as growth. They deal in raw numbers, period. So if the plan calls for cutting taxes and it equals $1.9 trillion that will not go to government but instead will stay in the pockets of individuals, then the CBO says, “Looky, the government’s gonna be out $1.9 trillion. That’s gonna add to the deficit.”
That’s not what happens. ‘Cause what happens with all that money in the private sector, it’s used to hire new people, it’s used to give bonuses and raises, and more taxes are paid because more taxpayers are created as people get jobs. How many times have we gone through this? Reducing taxes has caused economic growth, has caused the Trump tax cuts to be paid for! CBO admitting it.
So what’s Corker talking about? “Worst vote I ever made.” Here again, we have another A-B, side by side reality. In the America where people get up and work and go about their business and make the country work, things are normal, everything’s fine, the usual problems, the usual happinesses, the usual challenges. Over here, it’s nothing but one apocalyptic headline after another.