Senators Corker and Toomey Reach Tentative Budget Resolution Deal
Posted on Sep 20, 2017 in News
Bob Corker and Pat Toomey, GOP members of the Senate Budget Committee, have reached a tentative agreement on a budget resolution that would allow for tax cuts that would significantly increase the deficit as determined using static scoring. While the Senators did not specify the size of the potential deficit increase, Senator Ron Johnson indicated that he would support an amount of at...
Abandonment of Border Adjustment Tax may lead to Shallower, Shorter Tax Cuts
Posted on Jul 31, 2017 in News
The GOP’s decision to abandon the controversial border adjustment tax (BAT) increases the chances that ensuing tax cuts will be both temporary and shallower than envisioned. Without the BAT’s estimated $1 Trillion in revenue, and with no other plan to raise significant funds, analysts estimate the lowest possible revenue-neutral rate for corporate taxes is about 27%, significantly...
Support Grows for Extending the Ten Year Tax Cut Budget Period
Posted on Jun 16, 2017 in News
With tax reform progress floundering amid GOP rifts and political partisanship, Republican leaders are considering changing Senate budget rules to increase the period before required sunset for tax cuts that add to the federal deficit. Current rules limit the duration of tax cuts that add to the federal deficit to ten years if they are passed under the budget reconciliation process,...