Tax Cuts are coming to ensure sustainability – legislation is bipartisan

WASHINGTON, June 9 (Reuters) - Republicans in the U.S. House of Representatives on Friday unveiled a series of new tax breaks aimed at businesses and families while proposing to reverse some of President Joe Biden's legislative victories, including credits to spur the sale of clean-burning electric vehicles.

Three related bills were introduced on Friday with the goal of moving the legislation through the House Ways and Means Committee next week. That is when the Joint Committee on Taxation also is expected to release its analysis of the package.

White House spokesperson Karine Jean-Pierre termed the proposals a "tax scam" and alleged that "(Republican) priority isn't reducing the deficit or out-competing the world, their priority is giving handouts to rich special interests and corporations at the expense of everyone else."

Democrats already were focusing on whether the tax legislation could add to the ballooning federal debt.

"These policies will provide relief for working families, strengthen small businesses, grow jobs, and protect American innovation and competitiveness," Ways and Means Chairman Jason Smith said in a statement.

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The committee said there are hundreds of billions of dollars worth of provisions included. Some are expansions of tax breaks while others eliminate or roll back existing ones, such as Biden's electric vehicle credit.

Representative Richard Neal, the panel's senior Democrat, said Republicans were "laying the groundwork for even bigger cuts in 2025" when provisions of the 2017 tax law expire. The measure introduced on Friday, Neal said, would usher in "retroactive corporate tax cuts, next-to-nothing for the most vulnerable children and families, and sneaking in favors for Big Oil."