Recently, Republicans in the House and Senate passed budget resolutions that would allow the tax code to undergo its most sweeping revision in three decades with only a simple majority in both chambers.
Much has been made about the staggering value of the tax cuts President Trump and congressional Republicans have proposed, totaling $1.5 trillion over 10 years. It is important to note these are only resolutions, meaning they’re only proposed recommendations and can’t actually be signed into law or vetoed by the president – yet.
Even Republicans have conceded that economic growth cannot compensate for that lost revenue, however, meaning these resolutions contain key insights into how congressional Republicans — including the Utah delegation that voted in unanimity for them — plan to pay for them.