The original Ryan/Brady tax reform bill was the brainchild of Larry Kotlikoff and Alan Auerbach and is described in this Goodman Institute report.
Critics at the time said that the Tax Cuts & Jobs Act of 2017 would produce an irresponsible increase in the federal deficit. Look at the latest results:
- Total federal revenue this year reached $4.9 trillion, the highest in recorded history.
- That is $900 billion more than CBO projected for FY 2022 when TCJA passed.
- It is $1.6 trillion more than the pre-TCJA revenue levels.
- It is 20% of GDP, tied for the highest level in 77 years.
Rep Jason Smith, Ranking member of the House Budget committee