US Budget Committee Starts Discussion of Tax Reform
The Committee on Tax Policy of the US Congress starts today a discussion of the tax plan submitted by the Republican Party. Republicans of the US House of Representatives on Thursday released a bill on tax reform, which will cost $1.51 trillion and provides for a significant reduction in taxes, promised by President Donald Trump.
Chairman of the budget committee of the House of Representatives Kevin Brady said that the bill in its current form implies an increase in the state budget deficit by $1.51 trillion in ten years - it is $100 billion more than the budget approved by Congress, which also gives Republicans the opportunity to carry out tax reform through the Congress without the support of democrats.
The Joint Committee on Tax Policy of the Congress predicts that the implementation of the reform will lead to a decrease in federal tax revenues by $1.49 trillion in ten years.