WASHINGTON — Senate Republicans have unveiled a budget plan that’s the first step to overhaul the nation’s tax system. An overhaul is the top legislative priority for President Donald Trump and the GOP.
House and Senate passage of the budget blueprint would allow Republicans to pass follow-on tax legislation later this year.
The ambitious tax plan would lower rates for businesses and tax plans, and Trump is promising Americans it will be the biggest tax cut ever.
The Senate Budget Committee release on Friday comes in advance of a committee vote next week. In the House, a companion measure is headed for a floor vote next week as well.
The new budget plan permits the upcoming tax measure to add $1.5 trillion over the coming decade to the $20 trillion national debt.