5 obstacles facing the GOP tax agenda
The House voted Tuesday to pass a budget resolution that will act as the blueprint for the GOP’s domestic agenda, with the extension of President Trump's 2017 tax cuts at the center.
While the bill managed to clear the GOP's razor-thin House majority, the road map it lays out for the reconciliation process, which will avoid a Democratic filibuster in the Senate and allow a party-line vote, faces opposition on multiple fronts. Obstacles are mounting both within the GOP conference and outside of it.
“We’re working to codify President Trump’s agenda. We can’t allow a future administration to unwind all of these important reforms,” Speaker Mike Johnson (R-La.) said Tuesday.
Here are five hurdles facing the GOP as it seeks to cut taxes and move ahead with other parts of its agenda, including increasing fossil fuel extraction and curbing migration.
Budget cuts and Medicaid
Extending the Trump tax cuts, which expire at the end of this year, will cost $4.7 trillion over the next decade, according to the Congressional Budget Office (CBO), the official legislative scorer.
That number doesn’t take into account the additional tax cuts proposed by Trump while he was campaigning, which could add trillions more to the cost of the bill. Those measures include creating a tax credit for family caregivers, canceling taxes on tips and overtime pay, exempting Social Security benefits from taxation, and creating a special deduction for interest on loans taken out for automobile purchases.
To help pay for all of these cuts —........
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