Republicans Consider Tax Cut Accounting

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NBC News

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US Politics

Republicans consider major budget change to obscure deficit impact of extending Trump's tax cuts

Summary

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74% Informative

Republicans are considering a far-reaching change to the budget process that would obscure the deficit impact of extending President Donald Trump ’s tax cuts.

Extending the Tax Cuts and Jobs Act, which Trump signed into law in 2017 , would cost $4.6 trillion over a decade .

If they use the current accounting process, they have no chance of making the 2017 tax cuts permanent, because that would require paying for it.

Rep. Richard Neal , D- Mass. , said it would set a “terrible” precedent if Republicans adopt that budgeting approach.

Rep. Jason Smith , R-Mo., the chair of the tax-writing Ways and Means Committee , said the way to make the 2017 tax cuts permanent would be to change the way it’s scored.

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semi-formal

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English

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not offensive

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not hateful