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June 5, 2025 16:11-16:15 - CSPAN
03:58
Washington Journal Marc Goldwein
Transcriber: nvidia/parakeet-tdt-0.6b-v2, sat-12l-sm, and large-v3-turbo Source
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j
john mcardle
cspan 00:40

Speaker Time Text
Trillion Dollar Tax Cuts 00:03:58
unidentified
Be prepared for the worst.
Thank you so much, Oliver.
Thank you all for coming.org.
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Mark Goldwein joins us now.
john mcardle ▲ ● ▼
He's the senior policy director at the nonpartisan nonprofit Committee for a Responsible Federal Budget.
unidentified
And Mr. Goldwine on the one big beautiful bill.
john mcardle ▲ ● ▼
We've had some disagreement about the fiscal impact of that legislation.
The Congressional Budget Office says it'll add $2.4 trillion to federal deficits.
The White House budget director says it'll save $1.4 trillion.
unidentified
What say you?
There's not really disagreement among those that are seriously looking at this budget.
By our estimates, it will add $3 trillion to the debt, including interest.
And if it's made permanent, it will add $5 trillion.
The way that White House is saying it'll save money is they want to ignore about $4 trillion worth of tax cuts.
They want to sort of give themselves credit for tax cuts that are currently about to expire, extending them for free.
But they don't want to charge themselves the cost of all of the new temporary policies in this bill.
john mcardle ▲ ● ▼
So explain that for folks who are trying to wrap their heads around it.
Yeah.
unidentified
So I guess here's one way to think about it.
This bill has about $6 trillion of tax cuts and new spending.
About half of that is paid for with about $3 trillion worth of offsets.
So that's $3 trillion total of cost.
But what the administration is saying is we were going to extend these tax cuts anyway for a cost of $4 trillion.
And so if you subtract that $4 trillion we were already going to do, it's about $1 trillion of savings.
The problem with that is you don't get credit for we were ghanas.
You don't get credit for this might have happened otherwise.
The other problem is embedded within this bill is actually a ton of temporary tax cuts themselves that they're probably gonna extend later.
And so if you do the ghanas on both sides, it's still a trillion dollars added to the debt.
john mcardle ▲ ● ▼
The Committee for Responsible Federal Budget has taken a look at this CRFB is where you can go for their website.
And one of the things in your analysis that you write is that this bill front loads its costs and backloads its savings.
Explain what that means.
unidentified
Yeah, so I'll give you an example.
In 2027, that's the first year the bill is fully in effect because it takes time to get a new tax code, et cetera.
This bill is going to add $500 billion to the deficit.
By 2030, it's only going to add only $100, $100, $200 billion.
That number goes down.
But it's not going down because the bill is actually getting cheaper over time.
It's going down, as I mentioned before, because a lot of the most expensive parts of the bill expire.
It is a four-year defense increase.
Then all of a sudden, we're going to go back to the old inadequate Defense Department.
It has four years of tax.
That's probably not likely going to happen.
Exactly.
Inadequate by their own description, right?
It has four years of no taxes on tip, no taxes on overtime, tax cuts for seniors, tax breaks for businesses, and then they all disappear.
That's not their intention.
They don't want these to disappear.
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