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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsGOP deficit hawks fear tax plan is secret budget-buster
Key Senate Republicans worry tax cuts slated to expire will eventually be extended boosting the true cost of the bill.
By SEUNG MIN KIM 11/24/2017 07:42 AM EST
The GOP has yet to resolve an internal clash over whether expiring tax cuts will really expire, potentially threatening the partys push for a desperately-needed legislative achievement.
On one side are the White House and top congressional Republicans, who argue that ultimately all the tax cuts in their plan will be extended, even the ones slated to lapse. But thats exactly what the partys small, but mighty, bloc of deficit hawks is afraid of.
And as the Senate steams toward a vote next week on its massive tax overhaul, the fight over the bills true sticker price may be the deciding factor for the bill.
It was bad enough, in the deficit hawks view, that key provisions in the House bill expire in five years and that lawmakers already assume theyll get extended. But their concerns multiplied after the revised Senate GOP tax plan proposed winding down a host of popular tax cuts for individuals after 2025. The tax cuts were made temporary to trim the official cost of the bill, but deficit hawks fear Congress will simply extend them further adding to the governments red ink.
The savings, the score, it just isnt valid because you know that theyre not going to follow through, Sen. Jeff Flake (R-Ariz.), an avowed fiscal conservative, said in a recent interview. You cant assume that well grow a backbone later. If we cant do it now, then its tough to do it later.
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https://www.politico.com/story/2017/11/24/republicans-tax-reform-plan-deficit-cost-257604
DFW
(54,379 posts)Everyone with their broad outline and a pocket calculator has pronounced their "plan" a budget-buster.
My friend from the lunatic-fringe right, Richard Viguerie, who praises every other whacked-out notion the right has, draws the line at budget-busting. He parted ways with Cheney-Bush on "deficits don't matter," and even wrote a book about it called "Conservatives Betrayed." Richard knows Trump is no conservative, but told me before the inauguration, "I don't care if he's a Communist as long as he appoints right-wingers to do the work (got his wish, there, unfortunately)." But with this budget, the Republicans will cross Richard's line once again. I wonder if they have worn him down by now, or if he'll let them have it with both barrels like he did last time. I should be seeing him in about a month. I guess I'll find out.
mnmoderatedem
(3,728 posts)that's what republican administrations DO after all....
Irish_Dem
(47,058 posts)Then Dems have to come in and fix it.
Replenish the coffers and repair the deficit.
So the GOP can come in again and wipe it all out.
no_hypocrisy
(46,104 posts)Thor_MN
(11,843 posts)I mean, what kind of reasoning is it to worry that staying with the same exact policy will be bad, but going with it now is good?
IT'S A FUCKING BAD PLAN. Period. End of story.
Skittles
(153,160 posts)THEY KNOW IT IS