Charlatans Crank out a Tax Cut

Hint: It's not what they said.

Myth #1: The Tax Cuts Will Pay for Themselves
The nonpartisan Tax Policy Center concluded that the $1.5 trillion in tax cuts proposed in the House plan would not fully pay for themselves.

Myth #2: This is a Middle-Class Tax Cut

Myth #2: This is a Middle-Class Tax Cut
	% with a tax increase, 2019		% with a tax increase, 2027
Income level	House	Senate	House	Senate
$0 - $25,000	2%	1.5%	14%	32.4%
$25,000 - $48,600	6%	5.1%	25%	56%
$48,600 - $86,100	9%	10.8%	30%	65.6%
$86,100 - $149,400	11%	16%	28%	58.9%
$149,400 - $216,800	13%	17.7%	37%	54%
$216,800 - $307,900	16%	20.4%	47%	41.6%
$307,900 - $732,800	6%	7.1%	26%	35.4%
> $732,800	20%	14%	33%	16.8%

The Tax Policy Center's first distributional analysis of the Senate plan said it offers tax cuts to the middle class in 2018, but by 2027, the only winners are the richest 1%. The House tax increases are more evenly distributed.

Myth #3: The Richest 1% Don't Benefit Under the GOP Plan

Myth #3: The Richest 1% Don't Benefit Under the GOP Plan
	Increase in after-tax income, 2019		Increase in after-tax income, 2027
Income level	House	Senate	House	Senate
$0 - $25,000	0.4%	0.3%	0.0%	-0.1%
$25,000 - $48,600	0.9%	0.9%	0.1%	0.0%
$48,600 - $86,100	1.5%	1.4%	0.4%	0.1%
$86,100 - $149,400	1.7%	1.4%	0.6%	0.1%
$149,400 - $216,800	1.6%	1.5%	0.3%	0.2%
$216,800 - $307,900	1.3%	1.5%	0.1%	0.2%
$307,900 - $732,800	2.0%	3.5%	1.2%	0.5%
> $732,800	2.5%	2.2%	2.2%	1.4%

The Tax Policy Center has concluded that the richest 1% will not only benefit under both plans, but that they will be the biggest winners based on any metric you choose to apply.

— Tony Nitti, Forbes, November 22, 2017

The Harvard economist Greg Mankiw coined the phrase “charlatans and cranks” specifically to describe people who claim that tax cuts pay for themselves. And Mankiw is a conservative who’s worked for George W. Bush and Mitt Romney.
— David Leonhardt, New York Times, October 9, 2017.

A good reference for tax cut proposals and voodoo economics. You don't need no Paul Krugman; you can use Republican Gregory Mankiw:

I used the phrase "charlatans and cranks" in the first edition of my principles textbook to describe some of the economic advisers to Ronald Reagan, who told him that broad-based income tax cuts would have such large supply-side effects that the tax cuts would raise tax revenue. I did not find such a claim credible, based on the available evidence. I never have, and I still don't.
— Gregory Mankiw, "On Charlatans and Cranks," July 2, 2007

. . . the Brownback tax cuts didn’t emerge out of thin air. They closely followed a blueprint laid out by the American Legislative Exchange Council, or ALEC, which has also supported a series of economic studies purporting to show that tax cuts for corporations and the wealthy will promote rapid economic growth. The studies are embarrassingly bad, and the council’s Board of Scholars — which includes both Mr. Laffer and Stephen Moore of the Heritage Foundation — doesn’t exactly shout credibility. But it’s good enough for anti-government work.
— Paul Krugman, "Charlatans, Cranks and Kansas," New York Times, June 29, 2014