House GOP Tax Bill Estimate

SOURCE www.politico.com
House Republicans released a partial text of the GOP tax bill, which is estimated to cost nearly $5 trillion, exceeding the budget resolution limits. Final details are expected to be unveiled on Monday. The bill includes permanent individual income tax rate extensions and boosts to tax benefits.

Key Points

  • Cost estimated at nearly $5 trillion
  • Final details to be unveiled on Monday
  • Bill includes permanent individual income tax rate extensions and boosts to tax benefits

Pros

  • Making individual income tax rates permanent
  • Boosting far-reaching tax benefits like the standard deduction and Child Tax Credit

Cons

  • Exceeding the budget resolution limits
  • Leaving out some of President Trump's key tax priorities and expensive business provisions