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cuts would see revenues fall by $5.8 trillion over the next decade, according to the estimate from the Penn-Wharton Budget Model, a group housed at the University of Pennsylvania’s business school that analyzes the fiscal effects of public policies. Under current law, the government is supposed to take in about $63 trillion in revenues,
“Permanently extending the expiring individual income tax provisions of TCJA would add $3.4 trillion to deficits over the next ten years,” the report says. “Restoring the original TCJA regime for taxing business investment adds another $623 billion to increase the total cost of TCJA extension to more than $4 trillion.”
The report found that the Trump economic agenda would increase gross domestic product growth from the baseline over the coming 10 years, although, in 2034, GDP is forecast to fall by 0.4% and would fall by 2.1% in 30 years.
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