GOP Considering $450 billion in tax cuts
While many Americans were going gaga over the recent $758 million in Lotto prizes, the second largest jackpot in history, the GOP is discussing a $450 billion (yes, with a B) payout for taxpayers. These come in the form of credits, cuts or deductions through a maneuver that some are calling controversial, others say outright irresponsible in terms of the deficit, because there would be no “offsets” as is typically required by law in order to keep the federal budget in line.
Talk is, as they say, cheap, and the changes haven’t happened yet. But what’s under discussion is to move from a “current law” baseline to a “current policy” baseline, freeing up the $450 billion in the transition.
Democrats will likely oppose the move, and it’s anybody’s guess what the final outcome will be, but it is certainly an issue worth watching as congress tackles tax cuts and reforms in the coming months. Stay tuned.