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House Republicans suddenly have a massive problem with their tax bill

by Bob Bryan | Nov 09, 2017   ()
  • House Republicans made changes to a proposed excise tax on multinational companies in the Tax Cuts and Jobs Act with an amendment on Monday.
  • The Join Committee of Taxation found that by weakening the proposed tax, the TCJA would add more than $1.5 trillion to the federal deficit over 10 years.
  • That would disqualify the bill from passing under the budget-reconciliation rules.

In an attempt to rally support for their tax bill, the House Republican leadership may have created an even bigger headache.

According to an update from the Joint Committee on Taxation, an amendment to the Tax Cuts and Jobs Act that was added late Monday would make the bill fail a key test and force Republicans to come up with an alternative solution to raise revenue.

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For more on this visit www.micpa.org/taxteam

Source: Business Insider

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