The last time Congress had a major showdown over expiring tax breaks came at the end of 2012, when President Barack Obama and Republicans in Congress clashed over what to do with expiring Bush-era tax cuts. White House officials and Republican leaders have mostly brushed off concerns about the expiring provisions, saying they are confident Congress will step in to ensure that the expiring tax cuts are extended in the future. If it’s bad policy, it will become temporary.”There are examples of lawmakers allowing tax cuts to expire. These expiring tax breaks are just some of the many elements of the GOP tax plans that would require future congressional action to stave off severe tax and spending changes that would affect the middle class, low-income people and the elderly. This is because the tax plan would violate a 2010 law that prohibits new tax cuts from adding to the debt without offsets.

Source: Washington Post November 22, 2017 22:52 UTC