Economy

Republican budget could allow trillion-dollar tax cut

Republican budget could allow trillion-dollar tax cut”

One of the budget proposals being contemplated by Senate Republicans would allow for up to $1.5 trillion in tax cuts. Corker did not specify the amount of the tax cut.

That budget blueprint is a critical step toward enacting any tax cut or tax reform plan.

The catch-22 for Republicans, however, is that a budget that includes an enormous tax cut would not be revenue-neutral and would add to the federal deficit, requiring that the expire the cuts after 10 years.

Johnson and many other fiscally conservative Republicans have tried to defend these tax cuts and perhaps even greater ones (Johnson has openly considered $3 trillion in tax cuts) on the grounds that they would cause sufficient economic growth to ultimately pay for themselves.

The GOP shift was met with intense criticism from fiscal hawks. The budget would set the allowed size of any tax cut.

"For every economist, there's an equal and opposite economist, and they're usually wrong", Budget Committee member Sen. For Republicans to be able to push ahead without Democratic votes, their plan can't increase the deficit after 10 years.

By writing such tax cuts into the budget, Republicans would be spared, for the most part, from having to choose which tax breaks to get rid of in order to pay for the cuts. Pat Toomey of Pennsylvania told the Journal that he would like to pass as much as $2 trillion in tax cuts.

Passing a budget is crucial for Republicans to fulfill their pledge to overhaul the nation's tax code.



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