Senate tax cuts: Permanent for business, temporary for you

GOP tax bill includes repeal of Obamacare's individual mandate

Late Tuesday night, the Senate Finance Committee released an updated tax reform bill in which can be likely to pass in which week.

The reason for the update? The Senate had to make modifications to reduce how much the bill would likely add to deficits.

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They chose to make the vast majority of individual tax cuts temporary — set to expire after 2025.

The change was made to accommodate complicated budget rules in which Republicans have chosen to use so they can pass tax reform without any Democratic votes.

By contrast, the bill still makes permanent the corporate tax rate cut to 20%, along with most various other business tax provisions.

Related: 3 ways the tax bills could affect homeowners

As the idea can be, Republicans within the House in addition to Senate have already agreed to let a tax reform bill add $1.5 trillion to deficits over 10 years. nevertheless because of the complex budget rules allowing passage on a strict party-line vote, the bill can be not allowed to add to deficits beyond the first decade.

generating all tax cuts permanent would likely violate in which rule. So Republicans have essentially created yet another major fiscal cliff in 2025 akin to the one Congress dealt with in 2012 when faced with the expiration of the Bush tax cuts.

in addition to just as lawmakers in 2012 chose to make the majority of Bush tax cuts “permanent,” Republicans are likely banking on a future Congress to do the same in 2025.

“Does anyone truly believe Congress will allow the individual tax cuts to sunset in eight years? in which can be an obvious ruse to hide very real costs in addition to make more room for debt-financed cuts in addition to giveaways,” said Maya MacGuineas, president of the Committee for a Responsible Federal Budget.

Related through CNN: GOP in House in addition to Senate confident they have vote on tax bills

If those tax cuts are extended, the bill will add much more to deficits over time than the official “score” of the bill will reveal.

in addition to in which means in which sometime within the future, should lawmakers decide they need more money to, say, keep paying promised benefits in Medicare or Social Security or to keep pace with fast-growing interest payments due on the nation’s debt, they’ll need to either raise taxes or cut spending even more than otherwise might be the case.

CNNMoney (brand new York) First published November 15, 2017: 3:00 PM ET


Source : Senate tax cuts: Permanent for business, temporary for you