Top Stories
Top Stories

Treasury Department releases its analysis of the GOP tax plan — and it's only a page long

Key Points
  • Treasury Department on Monday released the Republican tax plan that was one-page long
  • The GOP plan would raise $1.8 trillion over the next decade, the analysis claims
Treasury report: Tax cuts pay for themselves

The Treasury Department on Monday released an analysis of the Republican tax plan that is only one page long.

Treasury Secretary Steve Mnuchin earlier claimed that "over 100 people" in the department were working on a detailed analysis.

The analysis, from the department's Office of Tax Policy, said that the plan would raise $1.8 trillion over the next decade.

Most independent assessments of the tax scheme predict that it will inflate U.S. government debt and budget deficits significantly. The tax plan is expected to primarily benefit wealthy Americans and corporations.

"The latest Treasury 'analysis' is nothing more than one page of fake math," Democratic Minority Leader Chuck Schumer said on Monday.

The plan covers a 10-year span, with the biggest cuts coming in the early years. For that reason, many Americans who may see a tax cut in 2019 could see their taxes rise again by 2027.

The Treasury Department has claimed that the planned cuts will pay for themselves by stimulating the economy to the tune of 2.9 percent growth on average over a decade, but most economists disagree with that analysis.

The Senate version of the tax bill is 479 pages long.