Washington, DC — On Friday, House Budget Committee Chairman Jeb Hensarling (R-TX) unveiled a $800 billion budget plan that would include $1 trillion in tax cuts over the next 10 years and a $300 billion in tax credits to help the middle class, a top priority of President Donald Trump.
The tax cut plan would also include a $5 billion tax credit for small businesses, as well as a $4 billion credit for families.
The bill would also double the standard deduction, the Earned Income Tax Credit, the Child Tax Credit and the Child Care Tax Credit.
Hensarling, who chairs the committee, is pushing for a budget boost to $7 trillion over 10 years.
It would include the largest tax cut in American history.
Housarling’s plan would raise the standard tax rate on everyone, including the top 1% of earners, from 39.6% to 50% to fund infrastructure and other infrastructure spending.
It also would end the estate tax, which has been a major driver of the deficit.
Hinsarling has been pushing for tax cuts for decades, and he said that this is the largest budget increase in the country’s history.
“For years, we’ve been asking for tax reform, and the American people have responded in the most significant way to our efforts,” he said in a statement.
“Now, we are getting closer to our goal of doubling the standard deductions and eliminating the estate and other tax rates, and we’re doing so with a budget plan in place that delivers unprecedented tax relief to our middle class and the middle classes across America.”
The Republican tax plan is the culmination of a lengthy effort by House Republicans to overhaul the tax code to provide more revenue and make it more competitive.
But it is also one of the biggest tax cuts in the history of the country.
The plan would increase the standard rate on everything from high-earning households to small businesses to individuals to corporations.
The Tax Foundation, a nonpartisan research group, estimated that the plan would generate $1.5 trillion in revenue over the 10-year period.
Hsarling has said he would not pursue a tax increase on the wealthiest Americans to help pay for the plan.
Instead, he would seek to offset the $2 trillion tax cut by raising taxes on those earning over $1 million a year and those with incomes over $3 million.
The House bill would increase taxes on corporations by $1,000 per worker, a new tax that the Tax Foundation estimated would raise about $500 billion in revenue.
The $1 tax cut would add $600 billion to the national debt.
The budget plan is expected to pass the House Budget and Reform Committee on Thursday, and it is expected that it will be voted on by the full House next week.
The new budget is a huge boost for Hensard, who has been working to get Trump’s budget passed.
The Senate Finance Committee approved the budget last month, but Republicans have yet to approve a measure to help fund infrastructure projects, which are largely financed by the payroll tax cut, a tax cut for working families.
House Republicans are working on a separate bill that would boost the payroll taxes, which is expected next week to be approved by the House and Senate Budget Committees.
Hainsarling is now pushing to get the House-Senate budget agreement approved by Friday.
He says he expects to have the legislation before the Senate Finance panel by the end of the week.
“I am hopeful that we will be able to get it passed by the deadline, but it will depend on how we work with our colleagues in the Senate,” he told reporters on Friday.
Horsarling said that the Senate would also be able add $300 million in spending for education, health care and other priorities that the House has not yet agreed to.
The White House has said that Trump would not be able go to the Capitol to sign the tax legislation into law, but he has not ruled it out.
“It is the law of the land,” Trump said during a press conference on Friday, according to The Hill.
“We have to be very, very careful with the timing of signing the bill into law because we have a big holiday on Christmas.”