House Republican leaders have unveiled their proposal to expand the massive tax law they hustled through Congress last year. They’re aiming to make permanent the individual tax cuts and small-business income deductions now set to expire in 2026.

 

With midterm elections barely two months away, the second crack at tax cuts outlined Monday is portrayed as championing the middle class and small businesses. Republican Rep. Kevin Brady of Texas, who heads the tax-writing House Ways and Means Committee, is looking toward a vote on the legislation by the House this month. The solid Republican majority in the House nearly ensures passage before the November elections.

 

But prospects for the legislation in the Senate are weak, given the slim Republican majority and concern over the potential for further blowing up the deficit with a new tax cut — without corresponding new revenue sources. And even some House Republicans oppose a new tax bill.

 

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