House Committee To Mark Up Tax Cut Legislation

The Republican-controlled House Ways and Means Committee will today mark up a package of tax legislation which the White House claims may pave the way for a USD$3 trillion tax cut. The proposed legislation can be read in full here: LINK

• Committee Chair Jason Smith (R-MO) said the bills, “will provide relief for working families, strengthen small businesses, grow jobs, and protect American innovation and competitiveness.”
• White House NEC Director Lael Brainard said in a memo: “House Republicans want to spend hundreds of billions of dollars on tax cuts for big corporations.”
• White House Press Secretary Karine Jean-Pierre called the bill, "GOP Tax Scam 2.0," claiming the bill would give "handouts to rich special interests and corporations."
• Jean-Pierre: "They're laying the groundwork to spend trillions of additional tax cuts skewed to the wealthy and big corporations.”
• Senate Majority Leader Chuck Schumer (D-NY) said yesterday, “this tax giveaway by the Republicans will mean next to nothing for too many Americans who aren’t among the top percentage of earners.”
• Bloomberg noted the spending would be, "offset partially by the repeal of some of the Biden administration’s Inflation Reduction Act energy credits.”