Will This Change Get 4 GOP Senators on Board the GOP Tax Bill? Will This Change Get 4 GOP Senators on Board the GOP Tax Bill? – NTK Network

Will This Change Get 4 GOP Senators on Board the GOP Tax Bill?

One change, discussed by conservative senators and deficit hawks, would call for tax hikes if the party's economic growth assumptions fall short.

By NTK Staff | 11.28.2017 @11:56am
Will This Change Get 4 GOP Senators on Board the GOP Tax Bill?

GOP senators are discussing a last-minute change to the tax bill that could help win the support of four deficit hawks seen as key holdouts in the tax cut effort.

The proposed change, annnounced by Sens. Steve Daines (R-MT) and Ron Johnson (R-WI), would be “a trigger that would automatically increase taxes if their sweeping legislation fails to generate as much revenue as they expect.”

More from The Associated Press:

A new congressional estimate says the Senate tax bill would add $1.4 trillion to the budget deficit over the next decade. But GOP leaders dispute the estimate, saying tax cuts will spur economic growth, reducing the hit on the deficit.

Many economists disagree with such optimistic projections. The trigger would be a way for senators to test their economic assumptions, with real consequences if they are wrong.

Sens. James Lankford (R-OK), Bob Corker (R-TN), John McCain (R-AZ), and Jeff Flake (R-AZ) have expressed concerns over the projected $1.4-trillion increase in the national debt over the next 10 years under the current Senate bill.

Corker, Flake, and McCain in particular have nothing to lose, in a political sense. Corker and Flake are retiring from the Senate after 2018, and McCain’s term runs through 2022, even as he fights a fatal form of brain cancer.

So, those three and Lankford have dug in on projected increases to annual budget deficits and the national debt.

Automatic tax increases would be unpopular down the road, but is one way to ensure that the party of fiscal discipline stays the course on avoiding debt hikes in the next 10 years.

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