Congress

Congressional Republicans Might Cook the Books for Tax Cuts

JM Ashby
Written by JM Ashby

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.

  • muselet

    “Tax cuts are good!” is the first item in the Republican catechism (“Deficits only matter when a D is president!” is item three, after “The military needs more expensive weapons systems!”). Pile up enough magic asterisks and hand-wave away pesky little details (such as objective reality), and tax cuts pay for themselves. Arthur Laffer proved it by doodling on the back of a napkin!

    You know, if you ran a business this way, it would go bankrupt.

    If you ran a business this way, the IRS would refer your company to the nearest Office of the United States Attorneys.

    –alopecia

  • Georgie
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  • Badgerite

    In other words, they plan to put massive tax cuts to the 1% on the country’s ‘credit card’. As in not figure out how to pay for them. As in run up the debt? I’m shocked. Shocked, I tell you. Wasn’t Sean Duffy with his pretend ax all about chopping down all the reckless Democratic spending on people and healthcare and saving the auto industry in America and all.
    Apparently when it comes to the 1%, the sky’s the limit. I’m shocked.

  • mnpollio

    Hmmm…bankrupt like a Trump business. So he and his enablers ARE running the country just like one of his disastrous business ventures.

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