Republicans in Congress Just Made it Easier to Cut Taxes
In one of the first items of Congressional business yesterday, Republicans gave themselves a new magic wand. When you wave it over a major piece of tax legislation, it has the effect of making the bill appear to be really good for the economy.
Republicans say the magic wand reveals the actual economic impact of the bill. But Democrats worry it’s nothing more than dangerous accounting voodoo that will have the effect of making fiscally irresponsible legislation appear good.
The magic wand at issue here is „dynamic scoring,” an accounting method for determining how a piece of legislation will affect the U.S. macroeconomy down the line.
As of yesterday, House Republicans voted on a rule change that requires the Congressional Budget Office and the Joint Committee on Taxation—both nonpartisan entities—to use dynamic scoring when analyzing the economic impact of major tax and entitlement bills. That means that from now on…
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