For weeks, we've watched as Steve Mnuchin went around to virtually every media outlet deploying his smoldering good looks and charming personality to sell America on his the Trump tax cut reform plan.
So zealous was the belief of the most bizarre Treasury Secretary in American history that the reduction in tax rates for corporations and the wealthy would pay for themselves that he told it to anyone who would listen, resisted basic math, logic and then pretended to devote the resources of the Treasury Department to showing how certain he was. But on the other hand, Mnuchin has virtually no background whatsoever in tax policy, government, economic theory or - apparently - believable deception.
See, the Treasury analysis of the Trump Tax Cutty Cut Cut that we were sure didn't exist actually does.
This morning, the Treasury Department released a deep statistical analysis that used research and modeling to project GDP growth rates over a certain period of time, revealing that the plan would indeed repatriate businesses, create jobs, grow wages and power the American economy for generations.
JK, Mnooks just tossed out a one-pager that proves he never did what he said he did, and - oh yeah - it also doesn't say that the tax plan will be deficit neutral...like at all.
Treasury’s Office of Tax Policy (OTP) has modeled the Senate Finance tax reform plan and overall has similar analysis to the Joint Committee on Taxation (JCT) on a static basis, with a score of approximately -$1.5 trillion on a current law basis and approximately -$1 trillion on a current policy
In addition to a static score, JCT calculated the increase in government tax receipts in the Senate Finance tax plan due to growth. They estimated $408 billion of additional tax revenue. Adding this $408 billion to the static score leads to a change in total projected receipts under JCT’s assumptions of approximately -$1 trillion on a current law basis.
But, like the magically-thinking warlock that presides over it, the Treasury Department also believes that Grandmaster Trump will make up the difference by just blowing up every possible regulation he comes across. It also takes a moment to mention that it's aware better other economists have different opinions...
We acknowledge that some economists predict different growth rates. OTP projects that at approximately 0.35% of incremental annual GDP growth, Treasury tax receipts would generate approximately $1 trillion of incremental revenue.
Regardless of what you think the plan will or won't do (ie. it won't ever pay for itself), the real fun story here is that the manchild in charge of the US Treasury has literally been pretending for months that he is doing something he hasn't really been doing and then tried to obfuscate that intellectual laziness by handing in one page of analysis (footnoted!) and assuming that he is now free and clear.
We always thought that Steve Mnuchin would be a truly shitty public servant, but even we never thought that he would stoop to treating the Treasury Department like a stoned high school sophomore treats an essay. And it's not even the first time that he's pulled this shit!
#DraftDimon doesn't look so funny now, does it?