The tax portion of the Republican policy bill would cost $3.7 trillion over the next decade, said Joint Committee on Taxation (JCT) found.
That fits within the parameters laid out in the budget blueprint Congress adopted earlier this year, which allowed the House Ways and Means Committee up to $4.5 trillion for changes that could increase the deficit.
Tables from the JCT, which is the official revenue scoring body of Congress, show that extensions of the 2017 tax cuts and other measures will add about $5.6 trillion to the deficit, while cuts to renewable energy incentives and amped international tax enforcement will reduce the deficit by about $1.9 trillion.
The deficit addition is rubbing GOP budget hawks the wrong way, though some say they intend to be open-minded about it.
The core element of the GOP tax package is the extension of the individual rate reductions made in 2017, which put marginal tax rates at 10, 12, 22, 24, 32, 35, and 37 percent — most of which were brought down by a few percentage points.
Those rate continuations will reduce federal revenues by $2.2 trillion through 2034.
The extension of the increased standard deduction, which was $29,200 for married couples and $14,600 for individual filers in 2024, would add $1.3 trillion to the deficit.
However, the Trump tax cuts also did away with personal exemptions, which more than offset the cost of a higher standard deduction and will contribute $1.8 trillion in federal revenues through 2034.
