A week of deal-making and negotiations are underway as Republicans try to move their hotly debated tax reform bill through the Senate. It advanced Tuesday after a lobbying blitz by President Trump swayed some holdouts on the budget committee to send the package to the Senate floor.
Proposed as tax relief for middle-class families, the plan was scored by the Congressional Budget Office Sunday, and their report found the nation’s rich would benefit from tax cuts while the poorest Americans would take a hit. From lowering corporate tax to raising the threshhold for estate tax liability, the wins for wealthy citizens have come under scrutiny.
According to the Tax Policy Center, the bill would generate $169 billion in tax revenue over a decade. However, the CBO found the bill would add $1.4 trillion to the deficit.