As Tax Law Kicks In, GOP Pivots on Deficit
Ring up the new year. Republicans in Congress recently passed tax cuts, largely benefiting corporations and the wealthy, expected to add $1.5 trillion to the national debt. But with a fight over the federal budget looming, many are arguing that education and public health programs may overextend the nation’s finances. Meanwhile, the tax code overhaul takes effect today, and though tax returns filed in April 2018 will be the last under the old system, the IRS is still expected to have to scramble to clarify murkier parts of the legislation.