GOP head toward massive tax and spending cuts

Washington Post -  House Republicans are uniting around a massive tax and spending bill to codify President Donald Trump’s campaign promises that will not require substantial spending reductions, according to three people familiar with negotiations, because party leaders have decided to write off the multitrillion-dollar cost of new tax cuts.

GOP leadership earlier this week unveiled a plan to lawmakers that will cut $315 billion in spending over 10 years, but will add another $325 billion in spending on Trump’s national security and immigration crackdown, said the people, who spoke on the condition of anonymity to discuss private briefings.

Those cuts are floors, the people say, and Republicans will aim to reduce spending far beyond them where possible.Major portions of Trump’s 2017 tax cut — which lowered rates for businesses and all income brackets but concentrated benefits among the most wealthy — are set to expire at the end of the year. The House GOP plans to extend those provisions and add other business tax incentives, at a cost of $5.5 trillion over a decade. Because the legislation mainly aims to renew some expiring policies, Republicans will not factor in the cost of the tax cuts in the bill, though they will claim projected increases in federal revenue from much-hoped-for private-sector growth, the people said. More