Economy

WINNING: House Passes $3.8 Trillion in Tax Cuts

Via FORTUNE.com:

With attention fixed on the Brett Kavanaugh confirmation hearings, the U.S. House of Representatives passed a new $3.1 trillion tax cut on Friday. The vote was 220 to 191, including three Democrats.

The down-to-the-wire 2017 tax act passed in late December contained a mix of permanent and temporary changes that had to result in a net increased cost that fell within a structural limit of $1.5 trillion that allowed the Senate to approve the bill with a simple majority.

The House’s new bill takes effect starting in 2025, and would add $600 billion to the national debt within the next decade, and then $3.2 trillion in the 10 years after that, according to Howard Gleckman of the Tax Policy Center.

Continue reading here.

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Categories: Economy, Politics, Trump

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