Analysis Mnuchin promised showing tax cuts pay for themselves doesn’t exist: report

Analysis Mnuchin promised showing tax cuts pay for themselves doesn’t exist: report
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An analysis promised by Treasury Secretary Steven MnuchinSteven Terner MnuchinWeek ahead: Lawmakers eye another short-term spending bill Reagan balanced trade — Trump can, too GOP may increase IRS’s budget MORE, which was supposed to show how Republicans' $1.5 trillion tax overhaul would pay for itself, does not exist, according to The New York Times.

An economist from the Office of Tax Analysis told the Times the report does not exist and, instead, Treasury staff have been using policy ideas and individual provisions to run numbers.

Mnuchin has said on multiple occasions that the tax plan would pay for itself through economic growth and has said the department would release an analysis on how the plan would be paid for. 

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An official from the Treasury Department told the Times the department lacked enough time to put together a full analysis. 

The official instead cited a letter to Mnuchin from conservative leaders in The Wall Street Journal this week showing how the plan could contribute to economic growth. 

The Hill has reached out to the Treasury Department for comment. 

Republicans are aiming to pass their tax overhaul by Christmas, which would mark the first major legislative victory for the Trump administration.

The Republican legislation would cut the corporate tax rate from 35 percent to 20 percent and double the standard deduction, while adding an estimated $1.5 trillion to the deficit over a decade.

The legislation's critics say it disproportionately benefits the wealthy.

The Senate voted Wednesday to begin debate on the tax-reform legislation on a party-line vote of 52-48 after the Senate Budget Committee approved the bill on Tuesday.