Senate Republican Leadership Expects to Pass Tax Bill
After making concessions with the last Senator hold-outs, the Senate Republican Leadership expects to pass the tax bill, known as the "Tax Cut and Jobs Act.” According to the latest report from the Joint Committee on Taxation, this bill will add $1 trillion to the deficit and will trigger the Pay-Go provision of the 2010 sequestration bill, which requires mandatory across-the-board cuts to non-defense discretionary spending.
These programs include the Federal TBI Program, Vocational Rehabilitation, education, research, and other programs which receive an annual appropriation. Entitlement programs may also be vulnerable to future cuts in order to pay for loss revenue as the result of the proposed tax cuts.
Among other provisions, the tax bill eliminates or decreases several exemptions, including charitable contributions and local and state taxes. The Senate bill also repeals the individual directive to buy health insurance as a way to counterbalance the tax bill’s cost. It is anticipated the repeal would reduce how much the federal government spends on insurance subsidies, as it is presumed fewer people would purchase insurance, if there is no penalty.
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