Senate Bill Nearly Killed By Deficit Hawks: Will Include $350 Billion In New Tax Hikes

 

AC2 WIRE

(From Zerohedge)

Following a report from the Joint Committee on Taxation, which unveiled late on Thursday afternoon that the Senate Tax bill would generate enough economic growth to lower its $1.4 trillion revenue cost by only about $458 billion over a decade – in other words it would still boost the deficit by roughly $1 trillion – in a dramatic showdown on the Senate floor, GOP leaders agreed to effectively increase taxes by $350 billion in response to a procedural ambush by deficit hawks led by Sen. Bob Corker that nearly killed the GOP tax reform bill.

According to Bloomberg, Senator David Perdue, a Georgia Republican, said that GOP Senators are “discussing a new compromise for their planned tax overhaul that would increase taxes in future years.”

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