US House Republicans unveil broad package of tax cuts

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.