On Tuesday, CTJ participated in a press conference with reporters, along with House Majority Leader Steny Hoyer and the Center for American Progress, to discuss the House Republican Study Committee's so-called "Economic Freedom Act," H.R. 5029. Afterwards, CTJ was misquoted as saying Congress would be "spinning its wheels" if it enacted this bill. What CTJ actually said, and what its new report on H.R. 5029 concludes, is much harsher than that.
The report finds that the plan would cost $7 trillion over a decade. If one adds the cost of extending the Bush tax cuts (which the sponsors of this plan clearly support) the cost would come to around $10 trillion over a decade. By the second year it's in effect, about 62 percent of the benefits would go to the richest 1 percent of taxpayers, and about three fourths would go to the richest 5 percent.