Senate Republicans Aim For Tax Bill By Year-End

On Sunday, the top U.S. Senate Republican and the White House budget director said they hoped for action on a Republican tax reform package by the end of the year, while keeping their options open on how to pay for sweeping tax cuts. President Donald Trump’s plan promises up to $6 trillion in tax cuts but would increase the federal deficit by $1.5 trillion over the next decade. Democrats have criticized the package as a giveaway to the rich and corporations that would balloon the federal deficit. Republicans, who control both the Senate and House of Representatives, have yet to produce a bill as their self-imposed deadline to overhaul the U.S. tax code by the end of 2017 approaches. The party’s lawmakers differ widely on what cuts to make and how to pay for them.

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