A new congressional estimate could upend President Donald Trump's tax plan even before he releases it.
Trump is scheduled to unveil the broad outlines of a tax overhaul Wednesday. As part of the plan, he would propose a massive cut in the corporate income tax, reducing the top rate of 35 percent to 15 percent.
The official budget scorekeeper for Congress said Tuesday that even a more modest rate cut, to 20 percent, would add to long-term budget deficits - even if the tax cut is temporary.
That's a problem for Republicans because the Senate cannot pass legislation that would add to long-term budget deficits without a 60-vote majority. That means Democrats would have to support it, and Republicans and Democrats have major differences when it comes to tax reform.