Transcript:

Speaker 1: And I just would like to get agreement on the point that the tax, the Trump tax cuts did not pay for themselves. In other words, they didn't raise more revenue over time than they gave up. If we could just start with you, Mr. Kogan.

Speaker 2: Yes, Senator, you are correct. Federal revenues are lower than they would have been if not for the Trump tax cuts.

Speaker 3: The Trump tax cuts did not pay for themselves. I provide documentation in my statement.

Speaker 4: I agree. They did not pay for themselves, and they did not trickle down to employee earnings.

Speaker 5: I prefer to think of the tax cuts as a one-time cost. I don't think they're an ongoing contributor to the deficit.

Speaker 1: Well, I'm looking at something, Mr. Michel, that when you put together, when you were at the Heritage Foundation — and you've got twelve myths. And one of the myths, and I'm quoting, is that "the tax cut pays for itself," the Trump tax cut. Are you changing your mind today about that conclusion?

Speaker 5: No, I'm not.

Speaker 1: Okay, so just to be clear, the Trump tax cut did not pay for itself. Correct?

Speaker 5: Not within the ten-year budget window. No.

Speaker 1: Well, let's look at the next budget window. I'm looking at your report here too. It doesn't pay for itself in the next ten, does it?

Speaker 5: The cost was largely a one-time cost. The economy was projected...