Goldman Sachs sees $1 trillion in US tax cuts coming

Goldman Sachs economist Alec Phillips' assessment of the political manoeuvrings in the US Congress on tax

• GS economists say it's more likely Congress approves tax cuts by next year
• Citing a Senate deal on the budget resolution
• The economists say that the tentative agreement, announced by Republican Sens. Bob Corker of Tennessee and Pat Toomey of Pennsylvania, would call for instructions for a tax cut of up to $1.5 trillion be included in the budget resolution.
• Phillips said assuming expiring tax cuts would be extended, it would work out to $1 trillion in new tax cuts over 10 years, or 0.4 percent of GDP over that period.

This via CNBC overnight, more there at the link to check out