GOP: Forget deficit, let’s slash biz tax

WASHINGTON — Republicans who slammed the growing national debt under Democrat Barack Obama said Tuesday they are open to President Trump’s tax plan, even though it could add trillions of dollars to the deficit over the next decade.

Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday that includes a massive cut in the corporate income tax, reducing the top rate from 35% to 15%. The plan will also include child-care benefits, a cause promoted by Trump’s daughter, Ivanka. Echoing the White House, Republicans on Capitol Hill argued Tuesday that tax cuts would spur economic growth, reducing or even eliminating any drop in tax revenue.

“I’m not convinced that cutting taxes is necessarily going to blow a hole in the deficit,” said Sen. Orrin Hatch (R-Utah), chairman of the Finance Committee. “I actually believe it could stimulate the economy and get the economy moving,” Hatch added.

The argument that tax cuts pay for themselves has been debunked by economists from across the political spectrum.

On Tuesday, the official scorekeeper for Congress dealt the argument — and Trump’s plan — another blow.

The nonpartisan Joint Committee on Taxation said Tuesday that a big cut in corporate taxes — even if it is temporary — would add to longterm budget deficits.

This is a problem for Republicans because it means they would need Democratic support in the Senate to pass a tax overhaul.

Republicans have been working under a budget maneuver that would allow them to pass a tax bill without the Senate Democrats — but only if it didn’t add to long-term deficits.