The main argument against the Tax Cuts and Jobs Act, or TCJA, was always the legislation’s deficit impact. Tax cuts, we were told, would blow up the deficit, forcing painful cuts to popular entitlement programs like Social Security and Medicare down the line. So when Senate Democrats proposed rolling back approximately $1 trillion worth of the TCJA’s tax cuts, certainly they proposed putting that money back towards the national debt, right?
Of course not.
Senate Democrats proposed a massive, $1 trillion tax hike in order to pay for an infrastructure plan. Apparently #NotOnePenny refers to the amount of money they plan to put towards paying down the debt if they manage to repeal the TCJA.
Read full story here.