As Republicans plan their tax agenda, they face a challenging budget cap of $4.5 trillion that may not suffice for all their proposals. Key priorities include extending expiring benefits from the 2017 tax cuts, which primarily bolster the wealthy, costing approximately $4 trillion over the next decade. Additionally, desired changes like reviving the business tax break for R&D and restoring interest deductions further strain their limited budget, leaving only $300 billion for other initiatives, showcasing the difficulty in meeting their ambitious goals without sacrificing essential commitments.
House Republicans are preparing to adopt a budget plan that puts a $4.5 trillion upper limit on the size of the tax cut, facing crucial policy choices.
The overriding goal of this year's bill is to extend expiring provisions, which primarily benefit the wealthy, at a cost of roughly $4 trillion over 10 years.
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