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00:00:00
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other round of proposed tax cuts are set to be unveiled this week, with House Republicans hoping to draw a deep line in the sand between themselves and Democrats ahead of the November elections. Top Republican Republican lawmakers say a new tax debate would highlight the party's upbeat outlook on the economy, appearing to take a page from the President's playbook, who on Monday used the latest economic indicators to slam Democrats and take credit for the strong economy.
00:00:30
But experts say House Republican leaders could have trouble mustering the votes needed to pass the measure dubbed Tax Reform 2.0, given the prospect of widening the federal budget deficit already swollen by a round of tax cuts in December. And some Republicans from Democratic-leaning states who are fighting to hold onto their seats worry that constituents already dislike caps on the federal deduction for state and local tax payments.
00:00:56
The House package is intended as a follow-up to the 2017 tax overhaul, which added to the federal deficit by providing permanent tax cuts for US corporations. And according to the nonpartisan group, the Tax Foundation, the new legislation would add more to the deficits. But Republicans insist Trump's tax overhaul and actions to deregulate industry are boosting the economy.
00:01:21
Republicans are expected to release the plan this week and aim to pass it out of the House by the end of the month. But even if it passes the House, it faces long odds of passing through the Senate, where Republicans hold a narrow 51 seat majority.