Although President Trump said his accountant told him, 'You're going to get killed" by the Republican tax-cut bill, he would actually get more than $40 million in annual benefits from it, economic analyst Steve Rattner said on Friday.
The bill scheduled for a Senate vote as of Friday morning would give Trump $31 million a year by repealing the alternative-minimum tax, $9 million a year from cutting pass-through tax rates, $1 million a year from a cut in the top tax rate. Additionally, if the House version of the bill passes, Trump's family would see a one-time savings of more than $1 billion thanks to a repeal of the estate tax, said Rattner on MSNBC's "Morning Joe."
The estimate used Trump's 2005 tax return, the only one that is publicly available as Trump has refused to release any others.
"I'm not good at math, but that means he'll save over a billion dollars if this goes through," host Joe Scarborough said.
"He apparently has the worst accountant in America, because he keeps saying 'My accountant tells me I'll get killed with this bill,'" added commentator John Heilmann.
"There's a simpler way to put it, which is to say, 'He lies,'" concluded Rattner.
Pundit-based mirth aside, according to dynamic scoring released by the Congressional Budget Office yesterday, the GOP plan is forecasted to add $1 trillion to the deficit even after considering the economic growth it might cause (and assuming there is no recession in that time period). This contradicts Republican assertions that the cuts would pay for themselves.
The Senate bill also includes cuts to Medicaid and the repeal of Obamacare's individual mandate, which the CBO estimates will cause 4 million people to lose their health insurance by 2019 and 13 million by 2027.
On Friday afternoon, the bill looked safe for Senate passage after running into trouble with deficit hawks on Thursday night, resulting in a delay in the vote. Democrats complained that they had not seen text of the bill they were expected to vote on imminently.
Sen. Claire McCaskill tweeted that Washington lobbyists had seen which amendments had been added to the bill before she had. "This is so bad. We have just gotten list of amendments to be included in bill NOT from our R colleagues, but from lobbyists downtown," she wrote. "None of us have seen this list, but lobbyists have it. Need I say more? Disgusting. And we probably will not even be given time to read them."
This is so bad. We have just gotten list of amendments to be included in bill NOT from our R colleagues, but from lobbyists downtown. None of us have seen this list, but lobbyists have it. Need I say more? Disgusting. And we probably will not even be given time to read them. pic.twitter.com/Mn0i56JeZg— Claire McCaskill (@clairecmc) December 1, 2017