Republicans are trying out different ideas for bringing in revenue
Republicans are trying out different ideas for bringing in revenue
It’s been a busy few days on the tax-and-budget front in Washington, D.C. Late last week, the Senate passed a budget resolution for fiscal year 2018 that allows for $1.5 trillion in tax cuts over the next 10 years. Republican leaders in the House want to vote on it this week. It’s a blueprint for spending, taxes and revenue that uses “budget reconciliation,” which will let Senate Republicans pass a tax bill without any Democrats. Republicans want to pass their tax cuts before the holiday recess in December to notch a legislative win and get ahead of the midterm elections. So we’re seeing a lot of ideas for changes to the tax code that would bring in revenue to offset tax cuts. We’ve already heard about getting rid of popular deductions for mortgage interest or charitable donations, which hit a wall of opposition. And tax writers are reportedly considering a proposal to reduce how much people could contribute tax-deferred to 401(k) retirement accounts. This morning, President Donald Trump indicated he wouldn’t support that, tweeting “There will be NO change to your 401(k)…”
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