&l;p&g;&l;img class=&q;dam-image getty size-large wp-image-961597000&q; src=&q;https://specials-images.forbesimg.com/dam/imageserve/961597000/960×0.jpg?fit=scale&q; data-height=&q;540&q; data-width=&q;960&q;&g; Jabin Botsford/The Washington Post via Getty Images
Here&s;s the bottom line to &l;a href=&q;https://www.cnbc.com/2018/05/22/donald-trump-says-he-will-propose-new-tax-cuts-prior-to-november.html&q; target=&q;_blank&q;&g;the new reporting&l;/a&g; that President Trump is going to propose additional tax cuts before this November&s;s election: The plan is absolute pre-election nonsense. Even if Trump actually proposes something, which is doubtful, nothing will be enacted.
Unless Senate Majority Leader Mitch McConnell (R-KY) agrees to do away with the filibuster rule for legislation (which he so far has adamantly refused to consider), the congressional budget process will be the key reason there will be no additional tax cut this year.
The reason? To avoid the inevitable Senate filibuster, any new tax cut would have to be considered using the budget process&s;s reconciliation procedure, the same ones that allowed last year&s;s big tax cut to be enacted.
But reconciliation can only be used if it&s;s ordered in a budget resolution adopted by both houses of Congress and McConnell and House Budget Committee Chairman Steve Womack (R-AR) have both said they won&s;t do one this year.
That makes it simple: No budget resolution means no reconciliation and no reconciliation means no tax cut.
There are several reasons why McConnell and Womack won&s;t reverse course and try to do a fiscal 2019 budget resolution so Trump&s;s new tax cut has a chance of passing.
First, there&s;s very little time left for Congress to conduct legislative business. Even if the &l;a href=&q;https://www.politico.com/story/2018/05/22/mitch-mccconnell-august-2018-recess-603039&q; target=&q;_blank&q;&g;current reports &l;/a&g;that the Senate might curtail or eliminate it&s;s August recess are true, getting a budget resolution, reconciliation and the fiscal 2019 appropriations done by the start of the fiscal year on October 1 will be impossible.
&l;!–donotpaginate–&g;Second, with its $1 trillion-plus deficit every year for the next 10 years, it won&s;t be easy — and perhaps not even possible — for Congress to adopt a budget resolution anyway.
Third, a budget resolution would be even more difficult for Congress to adopt because it would include the new Trump tax cut that increases the deficit even further. A projected $2 trillion deficit not only would not be impossible but might even be likely toward the end of the 10-year budget window.
That makes the whole idea of another Trump tax cut this year nothing more than an election-year gimmick rather than anything that voters, business or financial markets should take seriously.&l;/p&g;