GOP Tax Plan Could Cost $1.1 Trillion Over 10 Years: Analysis

The House Ways and Means Committee is taking up a new package of tax cuts called the American Families and Jobs Act, which has yet to receive a score from the Congressional Budget Office. According to an analysis by the nonpartisan Committee for a Responsible Federal Budget, the legislation as written would cost the government $80 billion by 2033. If, however, the temporary tax cuts included in the bill, which are set to expire in 2025, were to be made permanent, the bill would cost over $1.1 trillion over 10 years.