Cuts in tax relief could exceed $350B to win over deficit hawks and hold-outs

The next Senate vote on the tax reform bill debate has been pushed back to Friday 11 am, per Senate Majority Leader Mitch McConnell (R-Ky.)

A trigger to raise taxes midway through the 10-year plan if sufficient economic growth failed to happen was not likely to get the support of deficit hawks like Sen. Corker(R-Tenn.).

That means GOP tax writers will need to re-work the bill and cut hundreds of billions in tax reliefs to win over the hold-outs.

In its current form the tax code overhaul would increase the federal deficit by $1.5 trillion.

Only $407 billion of that would be recovered through economic growth at 0.8% a year over the decade.

Net deficit increase, therefore, would be about $1.1 trillion, which is what Corker and others are concerned about.

However, sufficient tax relief cuts amounting to $350 billion or more could swing their votes on Friday morning.

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