More tax cuts in the pipeline?
Since the big tax cut bill last spring, the House has passed additional tax cuts "...that would add more than $500 billion to deficits over the next ten years..." reports Joel Friedman at the liberal Center on Budget and Policy Priorities: "More Fiscally Irresponsible Tax Cuts This Fall? New Corporate Tax Cuts And More Budget Gimmicks Loom On The Horizon"
- "This analysis examines the status of congressional tax-cut legislation in the light of the deteriorating fiscal outlook. It finds that the House of Representatives has already approved additional tax cuts, beyond the tax-cut bill enacted in May, that would add more than $500 billion to deficits over the next ten years, and that further House tax cuts are in the pipeline. The analysis also finds that the Senate has been more cost-conscious and has increasingly moved to include “offsets” in its tax-cut bills. Some of these bills, however, would not yield a fiscally responsible outcome because they rely on budget gimmicks to make the costs of the tax cuts appear smaller than they will actually be over time. As a result of such gimmicks, the costs of the tax cuts in these Senate bills ultimately would exceed the savings from the offsets..."
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