Republicans in the U.S. House of Representatives unveiled an election-year tax plan on Tuesday that is unlikely to become law but could energize party voters this autumn by promising permanent tax cuts for individuals and most business owners.
Days before lawmakers head home for five weeks of summer campaigning before the Nov. 6 congressional elections, House Ways and Means Committee Chairman Kevin Brady rolled out a “Tax Reform 2.0” proposal that would also expand savings opportunities for families and workers while expanding write-offs for start-up businesses.
“Voters like tax cuts. I don’t know of too many people who say: ‘Raise my taxes.’ It’s what the people want. They want to keep their money,” said Representative Scott DesJarlais. But some Republicans are concerned about adding hundreds of billions of dollars more to the federal deficit, and the new plan offers no way to pay for an extension of the cuts.