Hassett: If We Pass the Trump Tax Cuts Numbers, You’ll Get 3% Light Growth and a ‘Heck of Revenue with Lower Rates’

RUSH EXCERPT:
HASSETT: "One of the things we talked about was in the previous administration we estimated that long-term growth which is medium-term, the next 5 to 10 years would be between 2.5, 4% higher than was projected by the congressional budget office if we pass the tax cuts and in 2019 right before Covid we already had a conference of 2.5 so the estimates we gave them when saying we promise this is going to be good for the economy and laffer curve affects visible in the data that we are able to show it happened so what we did today is went back to the same models and said if we use the same models and project forward what is going to happen you are going to really love the numbers, get lots more growth, 3% light growth and a heck of a lot more revenue with lower rates, and the other thing we added is there’s a whole bunch of new academic papers that say those bottles that we used last time need to be updated because the effects are larger than we thought and that is because of the new data now populated by the data that happened after the tax cuts so more identification of how the tax cuts affect things and I think the estimate we had last time which we presented to what it would look like if we did last time is going to end up a lowball estimate from what we end up with."