The Committee on Ways and Means announced last week that its first hearing of
the new year will focus on pro-growth tax policies.
The Jan. 26 meeting is expected to feature tax reform discussions
prominently, as Committee Chair Kevin Brady, R-Texas, has already
begun rallying support for business reform, particularly in the
international area. But major tax changes will prove difficult in
an election year and with a divided government.
The deficit picture will also complicate efforts. The Congressional
Budget Office (CBO) released new estimates last week predicting an increase in
the deficit to $544 billion this year, thanks largely to the $680
billion tax cut package enacted in December. A projected slowdown
in growth also contributed to the larger deficit projection. The
CBO estimate shows the deficit getting worse in future years.
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