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Trump Treasury Dept. Analysis of GOP Tax Plan Ripped as 'Pure Propaganda'

One coalition of advocacy groups concluded that the analysis shows the GOP tax plan "would be great for the economy...in a world where unicorns exist, pigs fly, and Trump has released his tax returns."

Jake Johnson, staff writer

U.S. Treasury Secretary Steven Mnuchin gives a thumbs up as he arrives at a House Republican Conference meeting September 8, 2017 at the Capitol in Washington, D.C. (Photo: Alex Wong/Getty Images)

President Donald Trump's Treasury Department released its long-awaited analysis (pdf) of the GOP tax plan on Monday, and experts are aghast. Promised "full transparency" and a comprehensive explanation of how the legislation would meet its lofty goals, the public instead got one page of "pure propaganda" that makes fantastical projections in the service of bolstering Trump administration talking points.

While the report attempts to validate Treasury Secretary Steve Mnuchin's oft-repeated claim that the GOP tax bill would more than pay for itself through surging economic growth, it only does so by assuming legislative victories down the road.

In addition to the economic growth the department expects from corporate tax cuts, the Treasury report asserts that a full 50 percent of projected growth will come "from a combination of regulatory reform, infrastructure development, and welfare reform"—policy initiatives that have not even been fully proposed yet, let alone enacted. In short, the tax bill will pay for itself, analysts noted, but only if a bunch of "unrelated imaginary legislation" is piled on top of it.

Jim Tankersley, economics reporter at the New York Times, likened the wild assumptions that form the foundation of the Treasury Department's report to "an old joke about economists debating how to get off a desert island."

"Step one, they agree, is 'assume a boat,'" Tankersley writes. "The Treasury Department just assumed a boat."

Other critics of the plan skipped over the jokes and went straight to laughter. When asked by a reporter for his reaction to the one-page "study"—released just two weeks after a whistleblower said the promised "comprehensive analysis" did not actually exist—all University of Chicago economics professor Austan Goolsbee could muster was: "Hahahahahahaha."

Tax March, a coalition of advocacy groups working to stop the GOP tax bill from becoming law, argued on Twitter that Treasury's report shows "the bill would be great for the economy...in a world where unicorns exist, pigs fly, and Trump has released his tax returns."

Ridicule aside, tax experts expressed genuine bafflement—though not exactly surprise—that the Treasury Department could arrive at conclusions that departed so drastically from those of independent analysts.

For instance, the Joint Committee on Taxation—Congress's official "scorekeeper"—estimated that the Senate version of the GOP tax bill would boost economic growth by 0.8 percent after ten years. By contrast, the Treasury report projects economic growth of 0.7 percent per year—which, after ten years, would equal seven percent GDP growth.

The Treasury Department only could have produced such results by working backward from its own assumptions, some analysts concluded.

 Denouncing the Treasury report as a "ridiculous piece of paper," Seth Hanlon, senior fellow at the Center for American Progress, concluded: "Do they think we—members of Congress, analysts, reporters, the American people—are that stupid?


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US and Israel Vote 'No' as 184 Nations Condemn American Blockade of Cuba

"The U.N. vote... on Cuba was a chance for President Biden to show global leadership," said CodePink co-founder Medea Benjamin. "He failed miserably."

Brett Wilkins, staff writer ·


With Planet's Future at Stake, Biden Told to Be Bold With Pick for Top Energy Post

"It's time to treat climate change like the emergency it is, and stop approving new fossil fuel extraction and infrastructure, reads a letter signed by over 300 climate-focused groups.

Jessica Corbett, staff writer ·


SCOTUS Solidifies Students' Free Speech Protections, Upholding Right to Say 'F**k Cheer'

"The message from this ruling is clear—free speech is for everyone, and that includes public school students."

Brett Wilkins, staff writer ·


Right-Wing SCOTUS Majority Rules Union Organizing on Farms Violates Landowners' Rights

The Supreme Court "fails to balance a farmer's property rights with a farm worker's human rights," said United Farm Workers of America.

Kenny Stancil, staff writer ·


Lawmakers Tell Biden US Has 'Moral Obligation' to Ban Landmines

"If the United States takes these steps it will be welcomed around the world."

Andrea Germanos, staff writer ·