Brian Higgins: “The White House Council of Economic Advisers issued a report recently asserting that, by cutting the corporate rate from…”

“The White House Council of Economic Advisers issued a report recently asserting that, by cutting the corporate rate from 35 to 20 percent, every American household will see their income increase by $4,000 to $9,000 next year and those years after. The U.S. Treasury Secretary also said that these tax cuts would pay for themselves and produce $2 trillion in growth over the next decade. In fact, Mr. Speaker, tax cuts have never paid for themselves--not once or ever--in human history. The White House has a problem in that nobody believes them, not the Congressional Budget Office, not the Tax Policy Center, not the University of Pennsylvania Wharton Business School, and not even Goldman Sachs, from which both the Treasury Secretary and the National Economic Adviser came to the White House. In fact, each of these nonpartisan institutions that studies and reports on tax and economic policy have stated explicitly that these corporate tax cuts will have near zero impact on future economic growth and add at least $1.5 trillion in new deficit over the next decade. Once again, Mr. Speaker, this is fraud being perpetrated against middle America. ____________________”