More tax cuts in the

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..."