Senior Director of Federal Tax Policy
The Republican budget resolution that the House Budget Committee approved would launch a fast-track “reconciliation” process to enact a tax bill without any Democratic votes, and all indications are that the GOP’s tax bill would focus its benefits overwhelmingly on the wealthy and multinational corporations. Although the resolution can’t dictate policy details to the tax-writing House Ways and Means Committee, its “Policy Statement on Tax Reform” section highlights House GOP priorities for the tax bill, each of which favors high-income households or corporations. These priorities are also consistent with the House GOP’s “Better Way” tax plan of 2016, which ultimately would direct a stunning 99.6 percent of its tax benefits to the top 1 percent of households (see chart), and with President Trump’s tax plan. Thus, the House budget resolution represents a key step to enabling Republicans to enact regressive tax policies.
The top-tilted policies listed in the budget include: