Paying for Trump's tax cuts could lead to big changes for taxpayers. Here's what could be in store.
CBSN
A key economic priority for President Trump this year is to extend the provisions in his signature Tax Cuts and Jobs Act, a 2017 law that lowered tax rates for most Americans, before they expire at the end of 2025. Now, Republican lawmakers have developed a 50-page laundry list of ideas for how to pay for those planned cuts.
The plan from congressional Republicans, published earlier by the New York Times, was confirmed by a person familiar with the document, who noted that it represents a menu of policy options for lawmakers to consider. The document also cites several new tax breaks proposed by Mr. Trump while on the campaign trail last falls, such as eliminating taxes on overtime and tips.
But extending the TCJA's provisions alone could prove costly, with the Congressional Budget Office forecasting a cost of $4.6 trillion over 10 years. Adding new tax breaks, such as Mr. Trump's promise to ditch taxes on overtime pay, could push up the bill even higher at a time when the nation's debt has spiraled to more than $36 trillion.
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