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Treasury admits tax plan won't pay for itself

U.S. Treasury Sec. Steve Mnuchin. Photo by Alex Wong/Getty Images

The U.S. Treasury Department today released a one-page analysis of the GOP's proposed tax reform plan.

Bottom line: The report acknowledges that the tax plan will not pay for itself via increased economic growth, despite Treasury Secretary Steve Mnuchin having regularly made such a claim. Instead, getting into the black would require both the tax plan and "a combination of regulatory reform, infrastructure development, and welfare reform."