The Republican’s sweeping tax overhaul, the largest in three decades, is heading for the finish line this week, even if runs into a few last obstacles along the way.
- Sen. Susan Collins (R-ME) says she’s a yes on the tax plan.
- Sen. Mike Lee (R-UT) confirms he’ll vote yes, too.
- The Committee for a Responsible Federal Budget says the bill, which will cost $1.456 trillion under conventional scoring, could cost up to $2.2 trillion. Factoring in economic feedback effects and interest costs, the real tab is likely to be around $2 trillion, the group says.
- The conservative Tax Foundation’s dynamic analysis of the bill shows it reducing revenues by $448 billion over 10 years.
- According to the centrist Tax Policy Center, the majority of households will receive tax cuts next year, with the largest benefits going to high-income taxpayers. By 2027, however, 53 percent of households will see tax hikes due to the expiration of the individual tax cuts.