House Ways and Means Committee Chairman Rep. Jason Smith discussed the implications of Trump's tax plans during an interview, revealing that if the SALT cap is removed, it could result in approximately $900 billion in deficit spending over ten years. Smith indicated that funding such policies will require a comprehensive examination of various options, including potential tax deductions and tariffs, highlighting the magnitude of the fiscal decisions facing Congress.
Kernen's probing questions shed light on the stark realities of financing Trump's proposed tax cuts, emphasizing the daunting $4.6 trillion in unpaid tax expirations. Smith acknowledged that addressing this issue necessitates looking at every possible revenue source. He pointed out potential measures such as eliminating unnecessary deductions, codifying tariffs, and examining student loan funding as avenues for generating revenue, while insisting no single avenue could cover the massive deficit.
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