GOP claims that this tax cut will spur enough economic growth to make up the difference with new tax revenues are false. 2/2
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The debt is too big to ignore. In 1977, it was 27% of US GDP. In 2001, the year of the Bush tax cuts, it was 56%. Today it is 77%. 5/
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High debt levels shrink the economy, decrease our budget flexibility, and increase the chances of a financial crisis. 6/
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The long-term economic consequences of high debt levels include a dip in private investment, a rise in interest rates & slow wage growth. 7/
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I’ve had GOP colleagues tell me, teary-eyed, that they ran for Congress to reduce the debt we will leave to our children. Now this? WTH? 8/
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We need real tax reform. US companies pay among the highest rates in G20. Obama wanted it lowered from 35% to 28%, nixing loopholes. 9/
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Our international tax system is noncompetitive & traps profits overseas where they generate no US tax revenues, investment or jobs. 10/
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We can fix the tax code without pointless revenue cuts that will balloon the debt and cripple future generations. 11/
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But the only path to success is bipartisanship, as in 1986, when Speaker O’Neill and President Reagan sought votes from both parties. 12/
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Want to see how bipartisan tax reform can work? Read this account of '86 tax reform by former Sen. Bill Bradley ↓http://nyti.ms/2yNQoQ4
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End of conversation
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