Hoping to avoid the fate of the George W. Bush-era tax cuts, which were forced to expire under budget rules, Senate Republicans are weighing a new approach that would give them more wiggle room to pass a major tax code overhaul without having to show a quick return.
By extending the budget window beyond the traditional 10 years, Republicans can give their tax-rate cuts more time to boost the economy and, they hope, produce enough revenue to offset an initial drop.
Sen. Pat Toomey, a member of the tax-writing Senate Finance Committee who is behind the idea, said tax plans could be evaluated over the course of decades to determine their full effect on the economy and the federal budget.
“Many business choices hinge on forecasting beyond that period and whether a 20- or 30-year budget window is considered, a longer time frame, in combination with proposed reforms, will help us realize a robust economic revival,” the Pennsylvania Republican said in a statement to The Washington Times.
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