The tax bill currently being marked up by the House Ways and Means Committee would not satisfy the so-called Byrd rule in the Senate, according to the Committee for a Responsible Federal Budget, a bipartisan think tank that advocates for deficit-neutral tax reform.
A core provision of the Byrd rule requires that laws passed under the budget reconciliation process not add to deficits outside the 10-year budget window. If the Senate is to avoid an all-but-guaranteed filibuster by Democrats and pass the bill under reconciliation with a simple majority, the tax bill will have be deficit neutral in the long run.
CRFB says the Tax Cuts and Jobs Act will add $155 billion to the deficit in 2028, the year after the 10-year budget window ends in 2027.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
