Committee for a Responsible Federal Budget

Media Coverage

May 3, 2017|The New York Times

Trump Folks: Tell the Truth About Your Tax Plan

But there are two problems with that assertion. First, achieving that growth level is highly unlikely. And second, according to the nonpartisan Committee for a Responsible Federal Budget, the Trump plan would cost about $5.5 trillion over the next 10 years.

May 3, 2017|Vox

House Republicans are charging ahead with a dishonest, reckless health care plan

But if the goal is to hand out fig leaves, a rigorous score is probably counterproductive. Analysts at the Committee for a Responsible Federal Budget, for example, think the rewritten bill might accidentally increase the deficit. That’s the kind of thing rank-and-file members need to not know if House leadership is going to achieve its core deal of passing a bill as soon as possible.

May 3, 2017|Bloomberg

House GOP Eyes Fast-Tracking $500 Billion in Federal Budget Cuts

Any bill making the cuts will likely not be linked to a bill enacting a tax code overhaul, said Ed Lorenzen, a former House budget staffer who’s now at the Committee for a Responsible Federal Budget, a Washington policy group.

“Previous budget resolutions have assumed large spending cuts that were never acted on,” Lorenzen said. “Budget reconciliation can be a powerful tool to actually achieve the deficit reduction promised in the budget resolution.”

Black’s budget could contain separate spending and tax reconciliation instructions to insulate tax-code changes from any added political complications caused by mandatory spending cuts. Otherwise, a tax bill that fails to meet the spending cut instructions could be subjected to a filibuster in the Senate, Lorenzen said.

May 2, 2017|Huffington Post

Trump’s Ruinous Fiscal Fraud

Yet his new tax proposals, if enacted, will hasten this trajectory to the point of no return. The upper-income tax cuts Trump pledged during his campaign would further explode our debt — according to the non-partisan Committee for a Responsible Federal Budget, by about $5.3 trillion over the next decade. Says CFRFB director Maya Mac Guineas, “His promises will add to the debt tremendously unless he starts talking about how to pay for things.”

May 2, 2017|CNN Money

Dr. Doom: Trump is the biggest risk in the world

Independent analysts warn that Trump's tax plan would dramatically drive up the U.S. deficit. The Committee for a Responsible Federal Budget recently estimated that Trump's proposal could cost $5.5 trillion in lost revenue during the first decade.

May 2, 2017|Forbes

Trump Tax Plan Could Turn U.S. Into Top Tax Haven

The bipartisan, Washington, D.C.-based Committee for a Responsible Federal Budget (CRFB) estimates that Trump’s plan could add between $3 trillion and $7 trillion to the federal debt over the next decade, stating emphatically that “America can’t afford” it. In addition, Bloomberg analysts see increased deficit spending over the next several years, provided everything else remains the same.

May 2, 2017|The New York Times

Trump’s Tax Cuts May Be More Damaging Than Reagan’s

The Committee for a Responsible Federal Budget estimates that it would take a 4.5 percent annual growth rate to produce enough revenue to pay for the Trump tax proposal. But that hasn’t happened since the 1990s.

May 1, 2017|Bloomberg

How Does Trump’s Tax Plan Help the Middle Class? ‘Honestly, We Don’t Know’

“We write to express our concern that your new deficit-exploding proposal to hand out massive tax breaks to millionaires and billionaires will threaten deep cuts to Social Security, Medicare, Medicaid and other middle-class priorities,” the 11 Senate Democrats wrote, citing a rough estimate by the nonpartisan Committee For a Responsible Federal Budget that the Trump outline could cost $5.5 trillion in revenues over a decade.

May 1, 2017|Fox Business

How Trump's tax cuts impact tax reform

Committee for a Responsible Federal Budget President Maya MacGuineas joins Neil Cavuto on Cavuto: Coast to Coast to discuss tax reform.

May 1, 2017|Bloomberg

Trump Open to Raising Gas Tax and Negotiating Tax Overhaul Plan

The nonpartisan Committee for a Responsible Federal Budget released a rough analysis saying Trump’s plan -- in its current form -- could cost $3 trillion to $7 trillion over the next decade. White House Budget Director Mick Mulvaney dismissed cost estimates of the plan on CNBC last week, saying there’s not enough detail for accurate projections.

Apr 30, 2017|The Washington Post

Distinguished persons of the week

In case you thought there were no fiscal grown-ups left, last week a number of the them stepped forward to reject the mess of a tax outline put forth by the Trump administration. CRFB President Maya MacGuineas is one person named on this list.

Apr 30, 2017|The Washington Post

Taxes will go up. Here’s why.

Just how much Trump’s tax plan would add to this is unclear. We don’t yet have sufficient detail to judge. But the amount could be considerable. Lower rates aren’t matched by revenue-raising provisions. The nonpartisan Committee for a Responsible Federal Budget puts the likely 10-year cost at $5.5 trillion with a range from $3 trillion to $7 trillion.

Apr 29, 2017|The New York Times

AP FACT CHECK: Have Trump Aides Caught His Exaggeration Bug?

An early analysis by the nonpartisan Committee for a Responsible Federal Budget estimates federal revenue would probably drop $5.5 trillion over a decade under the Trump plan, shy of Reagan's record-breaker. That assumes all elements of the plan are approved by Congress, which is unlikely.

Apr 28, 2017|USA Today

Trump's road to tax overhaul is full of potholes, even with one-party rule

"What don’t want to see is that this tax reform is going to be paid for by magic," said Maya MacGuineas, president of the Center for a Responsible Federal Budget.

Apr 28, 2017|The New York Times

Republicans’ Fiscal Discipline Wilts in Face of Trump’s Tax Plan

“Right now, we are all about trying to figure out how to offset the cost of this framework and coming up with pro-growth tax reform ideas that won’t worsen our really dire fiscal situation,” said Maya MacGuineas, president of the nonpartisan Committee for a Responsible Federal Budget. “If the president pursues this proposal of seeing through the largest-ever tax cut rather than reform, he will also be the president who oversees the largest expansion of our country’s debt — and that’s probably not the legacy he’s looking for.”

Ms. MacGuineas said that her group had already started pulling together specific proposals to make the tax legislation less costly. The White House plan, for example, has thus far only made passing reference to proposals for closing loopholes and broadening the tax base, she said.

“It will be all hands on deck to try to come up with ideas,” Ms. MacGuineas said.

Apr 28, 2017|Slate

Smart Tax Reform Could Save the Flailing Trump Presidency

This week, Donald Trump decided to take ownership of the GOP tax reform effort by laying out a few broad guidelines. The guidelines are so broad, in fact, that many have rightly pointed out that it’s hard to make heads or tails of them. The deficit hawks at the Committee for a Responsible Federal Budget estimate that Trump’s framework could lose anywhere from $3 to $7 trillion in revenue over the next 10 years, which is a pretty big range.

Apr 27, 2017|The New York Times

Trump’s Tax Plan Is a Reckoning for Republican Deficit Hawks

“It seems the administration is using economic growth like magic beans: the cheap solution to all our problems,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget, a nonpartisan group that advocates fiscal restraint. “But there is no golden goose at the top of the tax-cut beanstalk, just mountains of debt.”

Ms. MacGuineas’s group estimates that Mr. Trump’s plan could reduce federal tax revenue by $3 trillion to $7 trillion over a decade. The economy would need to grow at a rate of 4.5 percent — more than double its projected rate, an unlikely prospect — to make the plan self-financing.

Apr 27, 2017|The Washington Post

White House unveils dramatic plan to overhaul tax code in major test for Trump

Trump’s proposal now poses key tests for both parties. Republicans, who for years chided President Barack Obama about any plan to raise the deficit, must decide whether to back a plan that many budget experts calculate will add to record levels of government debt. The Committee for a Responsible Federal Budget said the plan would probably lead to a loss in government revenue by roughly $5.5 trillion over 10 years.

Apr 27, 2017|The Wall Street Journal

Trump Unveils Broad Tax-Cut Plan

The key to those procedures: Any tax plan can’t increase budget deficits beyond a 10-year period. The Committee for a Responsible Federal Budget said Wednesday that the plan would cost about $5.5 trillion in lost revenue over a decade. Those limitations could lead Republicans to make some or all of the tax cuts temporary to limit the long-run fiscal effect.

Apr 27, 2017|CBS News

White House plan to cut taxes has few details

CRFB President Maya MacGuineas weighs in on this CBS News This Morning report.

Apr 27, 2017|TIME

CRFB President: Trump's Tax Plan Will Add $5.5 Trillion to the Debt

President Trump is on the right track by turning focus toward fixing our nation’s broken tax code. But so far, he is going about it all wrong.

Apr 26, 2017|The Hill's Newsmaker Series

Prospects for Tax Reform Featuring Treasury Secretary Steven Mnuchin

CRFB President Maya MacGuineas participates in a panel hosted by The Hill at the Newseum.

Apr 26, 2017|CNBC

CRFB President: Revenue-neutral tax reforms are more pro-growth

Discussing tax reform expectations for the market and the economy with Maya MacGuineas, Committee for a Responsible Federal Budget president.

Apr 26, 2017|Los Angeles Times

Trump wants to lower business rate to 15% in 'biggest tax cut' in U.S. history, Mnuchin says

"We definitely need tax reform as a way to grow the economy," said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

But she said higher economic growth won't offset the plan's lost revenues and it needs to be paid for by reducing tax breaks or other measures.

"What I don’t want to see is that this tax reform is going to be paid for by magic," she said.

Apr 26, 2017|The Washington Post

Trump tax cut to be biggest of all time, treasury secretary says

“What I don’t want to see is that this tax reform is going to be paid for by magic,” said Maya Macguineas, president of the Committee for a Responsible Federal Budget, a group that advocates for deficit reduction.

Apr 26, 2017|NBC News

Seven Takeaways From the White House’s ‘Massive’ Tax Plan

Maya MacGuineas, a leading fiscal hawk who heads the non-partisan Committee for a Responsible Federal Budget, accused the White House in a statement of "using economic growth like magic beans" to hide their costs. Her group's early estimate of Trump's plan pegs its cost at $5.5 trillion without further offsets.

Apr 26, 2017|ABC News

Experts weigh in on impact of Trump's tax plan

“This is all candy and no vegetables,” said Marc Goldwein, Committee for a Responsible Federal Budget. Goldwein said he thinks a 25-percent to 28-percent corporate tax rate would strike a good balance between economic competitiveness and fiscal responsibility.

Apr 26, 2017|Fox News

Will President Trump's tax cut plan balloon the debt?

Analysis from Maya MacGuineas, president of the Committee for a Responsible Federal Budget on Special Report with Bret Baier.

Apr 26, 2017|The Atlantic

A Tax Plan That Befits the 'King of Debt'

 “If this tax reform is not paid for, it is backwards and disappointing. Tax reform is supposed to be done to create economic growth, not paid for by economic growth,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget. She argued that the negative impact of a rising national debt, including the risk of higher interest rates, would undercut the very economic growth Republicans claim to want. “This is maybe politically expedient, but it will be economically damaging and a real lost opportunity for the growth agenda we need to be pursuing,” she told me.

Apr 25, 2017|The New York Times

Arthur Laffer’s Theory on Tax Cuts Comes to Life Once More

The Committee for a Responsible Federal Budget, an advocacy group focused on reducing deficits, said that Mr. Trump’s tax plan was more likely to increase growth by 0.2 percentage points than by the higher estimates Mr. Mnuchin forecast. “These tax cuts, of course, would not pay for themselves,” the group said in a statement. “As we’ve explained before, there is little evidence to suggest any major tax cut could pay for itself with economic growth alone.”

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