Senate Republicans Offer No Alternative to Proposed Blueprint Revenue Raisers
Senate Finance Committee Chairman Orrin Hatch has suggested that the three revenue raisers (i.e., the border adjustment tax, elimination of certain itemized deductions and elimination of business interest deductions) proposed in the House Republicans’ Blueprint do not have support in the Senate, and he does not believe they will pass. However, Senate Republicans have yet to offer an alternative to these proposals. Without the elimination of some tax breaks, Congress will be unable to lower corporate or individual tax rates without increasing the federal deficit. Thus, the Senate may prove to be a hurdle to achieving tax reform this year.
Read more: Senate Republicans have no answer to the trickiest question on tax reform