Assuming Republicans will not be able to negotiate a package of tax cuts for the rich that are paid for by raising taxes on everyone else, how will they cut taxes?
According to Bloomberg, congressional Republicans are considering a legislative rule change that is comparable to planning an outdoor picnic before looking at the weather forecast.
Under the proposal, the GOP would not account for things like expiring tax breaks when gauging the budgetary impact of tax legislation -- giving tax writers more room for cuts. Senate budget and tax panels are discussing the move to a “current policy” baseline -- instead of the standard “current law” baseline -- said the people who asked not to be identified because the discussions are private. The chief House tax writer, Kevin Brady, also signaled openness to the approach last month, saying it would lead to deeper tax cuts.
In other words, the "current law" projections that tell us what impacts policy will have on the federal budget in coming years would be ignored to make the GOP's policy proposals look better on paper and allow them to skirt longstanding policy precedent.
According to Bloomberg, Republicans privately say this would allow them to pass $450 billion in tax cuts without paying for any of it up front.
You know, if you ran a business this way, it would go bankrupt.