Republicans may try budget math that doesn't count Trump tax cuts

Republican plans to pass a massive new tax cut in the early days of President-elect Donald Trump’s second term are running into a major obstacle: the price tag.

Extending Trump’s 2017 tax law would add $4.6 trillion to the national debt over the next decade, according to the Congressional Budget Office, lawmakers’ nonpartisan bookkeeper. But now some leading GOP tax writers are arguing that extending the law wouldn’t add to the nation’s $36.2 trillion debt at all.

Their proposal, though arcane, is about more than accounting.

In 2017, Trump’s Tax Cuts and Jobs Act lowered rates for businesses and individuals in every income bracket, though benefits were concentrated among the highest earners. The business tax cuts are permanent already, but the individual cuts expire at the end of this year, meaning most Americans will face a major tax hike next year unless Congress passes new legislation. Trump also promised new policies on the campaign trail, including ending federal taxes on tips and overtime wages.

https://www.yahoo.com/news/republicans-may-try-budget-math-150033679.html