Sen. Elizabeth WarrenElizabeth WarrenMisguided recusal rules lock valuable leaders out of the Pentagon Biden's soft touch with Manchin, Sinema frustrates Democrats Hillicon Valley — Presented by LookingGlass — Congress makes technology policy moves MORE (D-Mass.) targeted the Treasury Department’s analysis of the GOP tax plan in a series of tweets Monday, saying officials “made up the numbers” to fit their claims.
Warren bashed the one-page analysis released earlier Monday, in which the department said that economic policies passed under President TrumpDonald TrumpMcAuliffe takes tougher stance on Democrats in Washington Democrats troll Trump over Virginia governor's race Tom Glavine, Ric Flair, Doug Flutie to join Trump for Herschel Walker event MORE would raise enough revenue to cover the tax cuts in the GOP bill, which directly contradicts several independent analyses, including one from the Joint Committee on Taxation (JCT) Monday evening.
The senator, who has been a fierce critic of the tax measure, claimed that the figures used in the analysis didn’t make sense.
She wrote that instead of using economic models, Treasury officials “just made up the numbers.”
“While @USTreasury’s OTP made other projections in this report, it didn’t make the key projection that growth would go up about .35% annually thanks to the corporate tax changes in the GOP tax bill,” she wrote.
“In other words: @USTreasury’s OTP couldn’t support Mnuchin’s claims about economic growth, so he just said it again without evidence.”
Warren also said the analysis is “completely out of line with other projections.”
“To recap: After claiming repeatedly he had projections showing the #GOPTaxScam paid for itself, Mnuchin released a report showing that there were no such projections, and that even his own wildly optimistic made-up projections weren’t enough for the plan to pay for itself,” she wrote.
“The American people deserve to know how this #GOPTaxScam will impact the economy and how it will affect middle-class families. @USTreasury promised an economic analysis – but this isn’t it,” she continued.
Democrats have largely criticized the Treasury Department’s analysis of the tax bill, with Senate Minority Leader Sen. Charles SchumerChuck SchumerBiden's Supreme Court commission ends not with a bang but a whimper Hispanic organizations call for Latino climate justice in reconciliation Senate to vote next week on Freedom to Vote Act MORE (D-NY) slamming the projection as “fake math.”
The Joint Committee on Taxation (JCT) said in a report Monday that the bill wouldn’t produce enough revenue to pay for itself and that it would cost about $1 trillion over a decade.