Economic security

House GOP is pushing a new round of tax cuts that could cost $2 trillion over 10 years

House Republicans bracing for November's midterm elections unveiled a second round of tax cuts on Monday that could add more than $2 trillion to the federal deficit over a decade, aiming to cement the steep cuts they passed last fall despite criticisms of fiscal profligacy and tailoring their policies to help the rich.

The GOP's “tax reform 2.0" aims to make permanent the tax cuts for individuals that President Trump signed into law in December 2017, including the law's temporary reductions in individual filers’ rates, a doubling of the Child Tax Credit, and cuts to the estate tax paid by a small fraction of the wealthiest families.

Critics have said the proposed changes would primarily benefit the wealthiest taxpayers, while Republicans have argued their tax cuts help fuel the American economy by putting more money in consumers' hands.