Federal Deficit Looms Large In Congress' Tax Cut Talks

Law360, New York (November 13, 2017, 10:31 PM EST) -- As the House and Senate tax bills hurtle through congressional committees with amendments to bring them in line with budgetary rules, a number of policy proposals may end up being decided, not on their merits, but by how they will impact the country's approximately $20 trillion debt.

Although the two chambers' versions of the Tax Cuts and Jobs Act, or H.R. 1, share common goals to lower business and individual tax rates, they diverge significantly on their approach to key provisions such as the tax treatment of pass-through income, when to drop the rate for corporations, whether to repeal the estate...

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