Taxes

The GOP’s Tax Cut Bill Won’t be Released Until the Last Minute

Written by SK Ashby

I have more questions than I have answers right now.

According to Trump's top economic adviser Gary Cohn, their grand plan for cutting taxes for the rich won't be released until just a couple weeks before fiscal 2018 which begins at midnight on October 1st.

Gary Cohn, Trump’s top economic aide, said the administration doesn’t want to engage in prolonged negotiations after the package is made public this fall. Cohn said the goal is to release the overhaul in the first two weeks of September.

“We don’t want to be negotiating the tax bill on the floor,” Cohn said at a meeting of technology executives.

If their tax cut bill isn't released until the middle of September, how will that be incorporated into funding for the entire federal government in fiscal 2018? Can they rewrite the entire tax code and fund the federal government within the span of 2 or 3 weeks?

Maybe not. Maybe they will pass another continuing resolution to keep the government running while they fiddle around. That's what they've done for years now. Congress has not passed a comprehensive budget or completed the appropriations process in years.

It also remains to be seen when, or if, Republicans will get around to raising the federal debt ceiling.