Kevin Brady

House GOP's lame-duck tax package would cost $55 billion, CBO says


A tax and retirement package released by House Republicans earlier this week would cost the federal government $55 billion over the next 10 years, according to a report released Wednesday by the Congressional Budget Office.

Rep. Kevin Brady, R-Texas, chairman of the House Ways and Means Committee, earlier this week unveiled legislation to fix several drafting errors in the GOP tax law, bolster retirement savings among Americans, and extend about 30 tax breaks that are currently set to expire. The package includes a bipartisan overhaul of the Internal Revenue Service and would also provide tax relief for victims of the California wildfires, among other natural disasters.