Tax Policy Center pulls back analysis of GOP tax plan over "errors"
A widely-regarded Washington think tank is retracting its analysis of the Republican tax plan released on Monday, saying its staff located an error in its modelling of the child tax credit part of the legislation.
The Tax Policy Center (TPC), a joint venture of the Urban Institute and Brookings Institution, provides independent analyses of current and longer-term tax issues. Its new analysis of the tax plan came as the House Ways and Means Committee began debating the bill during the markup of the proposed legislation.
In findings released late Monday afternoon, TPC initially found that the proposed legislation primarily benefit wealthy Americans.
But the think tank on Monday night issued a statement saying its staff had found an error involving "the additional child tax credit component of the proposed legislation."
"We are in the process of revising our analysis and will release a corrected version as soon as possible. We are removing all related analyses from our website. We regret this error and will provide corrected analyses as soon as we can," the statement added.
In a report by the Washington Post, citing someone familiar with the error, the revised report would likely come to a similar conclusion overall, but exact numbers of Americans impacted by the legislation would differ.
The legislation would add $1.5 trillion to the growing national debt while delivering a major tax cut to corporations and repealing the estate tax.
It would also simplify the loophole-ridden tax code by collapsing today's seven personal income tax brackets into four. And it would nearly double the standard deduction used by people who don't itemize, and increase the child tax credit.
CBS News' Catherine Reynolds contributed to this report.