McConnell: Tax reform bill will ultimately be revenue neutral

McConnell: Tax reform bill will ultimately be revenue neutral

Senate Majority Leader Mitch McConnell (R-Ky.) (File photo/U.S. Department of Agriculture/Flickr)

WASHINGTON – Senate Majority Leader Mitch McConnell (R-Ky.) on Tuesday said he and fellow Republican lawmakers anticipate that the tax reform bill they crafted in conjunction with the Trump administration will ultimately be revenue neutral.

“We fully anticipate this tax proposal in the end to be revenue neutral for the government, if not a revenue-gainer,” McConnell said in response to a question at a news conference, meaning that it would neither increase or decrease tax revenues for the government.

McConnell said pursuant to the budget resolution approved by Congress last month the projected $1.5 trillion revenue loss from the proposed tax cuts could be offset if the economy experienced: “fourth-tenths of one percent growth over the next ten years.”

McConnell said the Senate Budget Committee will unveil the upper chamber’s version of the tax reform bill later this week. He refused to comment as to specific provisions that might be included in the text.

The House unveiled its version of the tax reform bill last week.

The House Ways and Means Committee began marking up the legislation on Monday and is expected to finish that process by the end of the week.

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