On heels of debt fight, House GOP rolls out tax-cut package
Just days after Washingtons bitter fight over raising the debt limit, House Republicans are calling for billions in new tax cuts.
GOP lawmakers unveiled a plan Friday that would offer a range of benefits to big businesses, small firms as well as millions of average Americans. A cost estimate was not immediately available, but Republicans are sure to take slings over the likely budget impact, coming so soon after the debt battle in which they decried federal red ink.
But the package which would beef up the standard deduction and expand business research writeoffs, among other provisions is being rolled out with an eye toward a year-end tax deal, something Democrats want as well. Many are already demanding an expansion of the child tax credit as the price of any agreement, which could swell the cost.
Lawmakers had hoped to strike a similar business-tax-breaks-for-family-friendly-benefits exchange during last years lame-duck session, though that got surprisingly little traction.
But many are eager to try again and see the end of this year as their last chance to do something big on the tax front during this session of Congress.