I keep hearing rumors about what is in the GOP tax bill. I’m not sure what ends up in the final bill, but I’ve heard rumors of
Elimination of estate tax, cutting corporate tax rate, cutting federal income taxes, raising the standard deduction, etc.
While also raising taxes via the follow
Making tuition taxable for graduate students, elimination of state and local tax deductions on federal taxes, reduction or elimination of mortgage interest deduction, elimination of medical expenses deduction, etc
While also cutting spending via cuts to medicare and medicaid.
So it is a hodgepodge of tax cuts, tax hikes, and spending cuts. Does anyone have actual numbers about what each cut, hike or spending cut actually costs? I know they have to keep the bill at 1.5 trillion or less. How much does each aspect of it cost? Are they cutting taxes by 3 trillion, raising taxes by 1 trillion and cutting spending by 500 billion? What are the numbers.
Here’s a pdf, courtesy of lazybratsche in another thread.
That’s the House bill. There is also a version from the Senate.
The budget resolution limits the total tax loss over 10 years to $1.5 trillion. Other than that the whole situation is in a state of flux. All the special interest groups are putting on pressure that we can’t eliminate this tax loophole, that tax deduction… and it sounds like the Republican leadership is going to yield to this pressure in a lot of cases.
Normally you can find details of estimates made by the Joint Committee on Taxation, on both the cutting and revenue sides of the ledger by digging into exhibits associated with committee hearings. There ain’t going to be hearings on these bills.
The most likely place you’re going to find estimates is in whatever documents the House Ways and Means Committee and the Senate Finance Committee choose to publish on their websites, or in articles written by someone who’s found others.
The bills themselves won’t have them.