House GOP Tax Bill Estimated to Add $1.49 Trillion to Deficit
- Joint Taxation Committee score narrowly meets budget allowance
- Nonpartisan group says largest net cost from business cuts
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The House Republican tax writers’ plan is estimated to add $1.49 trillion to the deficit over a decade -- just fitting in under the amount allowed under the congressional budget adopted last week.
Tax changes for individuals and pass-through businesses, including rate cuts, doubling the standard deduction, repealing the alternative minimum tax and phasing out the estate tax would result in a net cost of $930 billion, according to one of the official congressional scorekeepers, the Joint Committee on Taxation. Corporate tax code changes would add $847 billion to the tab, while international tax provisions would offset $285 billion of that amount.