
HuffPost
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Less than two weeks after the end of the debt limit fight that Republicans said they started because they worried about government red ink, House Republicans moved a step closer to possibly adding as much as a trillion dollars more in debt through tax cuts.
The tax-writing House Ways and Means Committee late Tuesday approved a trio of bills that would extend or expand parts of the Trump tax cuts from 2017 and take back green energy tax cuts included in last year’s Inflation Reduction Act.
While the nonpartisan Joint Committee on Taxation estimated the bills together would cost only around $20 billion through 2033, an anti-budget deficit group says the price tag would be closer to $1 trillion if the tax cuts were made permanent, as happened with almost all of the George W. Bush-era tax cuts.
“We estimate that the plan would cost over $1.1 trillion ($950 billion without interest) through 2033 if these temporary tax cuts and extensions were made permanent,” the Committee for a Responsible Federal Budget said Friday.
The bills are unlikely to make it through the Senate and serve more as markers for future tax fights. But coming so soon after the debt limit standoff, they leave Republicans open to charges of budget deficit hypocrisy.