Senate GOP wary of new tax cut sequel

Source: The Hill



BY ALEXANDER BOLTON - 04/18/18 06:00 AM EDT

New projections on the size of the federal deficit and the price tag of President Trump’s tax-cut law have left some Republican senators nervous about voting on another tax package before the election.

While the GOP on Tuesday used Tax Day to proclaim the success of last year’s $1.5 trillion tax cut, there is some unease about doubling down on the issue in the coming months. Some in the party want to go on offense and try to make permanent the individual tax cuts that were part of last year’s legislation. The bill’s authors sunset those provisions to keep the measure’s total projected cost below $1.5 trillion.

“I’d say, ‘Hell no. Hell no — double hell no,’ ” retiring Sen. Bob Corker (R-Tenn.), a leading budget hawk, told The Hill when asked about making the individual tax breaks permanent. Corker supported the bill, but last week — citing the deficit — said it could “be one of the worst votes I’ve made.”

Sen. David Perdue (R-Ga.), who has also raised alarm about the growing debt, said he has “concerns” about making the individual tax breaks permanent. He added his first reaction is to support a long-term tax cut for individuals but cautioned it needs to be examined more closely.
He wants to see whether granting permanent tax breaks for individuals would stimulate the economy as much as the permanent corporate tax cut.

Read more: http://thehill.com/homenews/senate/383663-senate-gop-wary-of-new-tax-cut-sequel?userid=57999