Tax Bill Headed for the Finish Line
Taxes

Tax Bill Headed for the Finish Line

Reuters

The Republican’s sweeping tax overhaul, the largest in three decades, is heading for the finish line this week, even if runs into a few last obstacles along the way.

The latest:

  • Sen. Susan Collins (R-ME) says she’s a yes on the tax plan.
  • Sen. Mike Lee (R-UT) confirms he’ll vote yes, too.
  • The Committee for a Responsible Federal Budget says the bill, which will cost $1.456 trillion under conventional scoring, could cost up to $2.2 trillion. Factoring in economic feedback effects and interest costs, the real tab is likely to be around $2 trillion, the group says.
  • The conservative Tax Foundation’s dynamic analysis of the bill shows it reducing revenues by $448 billion over 10 years.
  • According to the centrist Tax Policy Center, the majority of households will receive tax cuts next year, with the largest benefits going to high-income taxpayers. By 2027, however, 53 percent of households will see tax hikes due to the expiration of the individual tax cuts.