Support Grows for Extending the Ten Year Tax Cut Budget Period
With tax reform progress floundering amid GOP rifts and political partisanship, Republican leaders are considering changing Senate budget rules to increase the period before required sunset for tax cuts that add to the federal deficit. Current rules limit the duration of tax cuts that add to the federal deficit to ten years if they are passed under the budget reconciliation process, which permits passage with fewer than sixty votes. Finance Committee Chairman Orrin Hatch, Treasury Secretary Steven Mnuchin, House Freedom Caucus Chairman Mark Meadows, and Sen. Pat Toomey number among the politicians receptive to extending the time period. House Ways and Means Committee Chairman Kevin Brady indicated he is still targeting tax reform that balances after 10 years and so can be passed with only Republican support under current Senate rules.
Read more: Republicans Warm to Tactic for Making Deep Tax Cuts Last Longer