Republicans Have a $700 Billion Problem That Could Make Their New Tax Plan Nearly Impossible
Republicans have a $700 billion problem that could make their new tax plan nearly impossible
Donald Trump. Getty Images/Pool
President Donald Trump and Republicans have a big math problem with their attempt to overhaul the nation’s tax code.
According to analysis of the tax-reform framework released Wednesday by Trump and the “Big Six” tax negotiators, decreased tax rates in the plan would reduce the amount of revenue the federal government takes in by an estimated $5.8 trillion over 10 years.
If various personal deductions were eliminated as the plan proposes, it could still leave a $2.2 trillion addition to the deficit over 10 years, according to the analysis from the Committee for a Responsible Federal Budget.
That could …