U.S. Senate Republicans said on Friday they had enough support to pass a sweeping tax overhaul later in the day, after last-minute negotiations to ease some senators' concerns about its impact on the federal deficit, healthcare and property taxes.
Senate Finance Committee Chairman Orrin Hatch (R-Utah) told reporters in the Capitol that it had not been easy to accommodate Corker, Sen.
Collins said she had won an agreement to change the Senate bill so state and local property taxes would be deductible up to US$10,000, mirroring legislation already passed by the House.
With the party controlling the Senate 52-48 and Democrats uniformly opposed, Republicans need 50 votes to win approval for the bill. He can afford to lose only two votes while counting on Vice President Mike Pence to break the tie.
The trade-off for the higher pass-through deduction will be a higher rate on repatriated foreign profits, CNBC reports.
The GOP tax plan experienced a delay after the so-called "trigger" championed by Sens. "Last night there had been a plan to include $350 billion in tax increases". Ron Johnson, R-Wis., declared he would vote for it. Johnson and Sen.
"This is our chance to free our economy and our workers from the awful tax burden in Washington", Trump says, in excerpts released by the White House.
Senate passage would push Congress a step closer to the first rewrite of the nation's tax code in three decades.More news: Greta Gerwig Still Can't Believe Lady Bird's Perfect Rotten Tomatoes Score
On Thursday, the nonpartisan Joint Committee on Taxation released a report saying the legislation would add $1 trillion to the deficit in the next 10 years, even with tax-driven economic growth projections factored in. They had planned to include in the bill a "fiscal trigger" that would raise taxes if economic growth fell short of forecasts or budget deficits exceeded expectations. Whether that is enough to bring her on board remains uncertain, but if Flake and every other Senate Republican save for Sen. GOP leaders have been making major changes up to the last minute, including one that would roll back some of the tax cuts after six years to appease deficit hawks. His job is to count and marshal votes for Republican measures.
It just might be Ted Cruz's biggest victory as a senator: Helping stop in its tracks a plan late Thursday night to add $350 billion in tax increases to the Senate's tax bill to placate fellow Republican Senator Bob Corker's worries about the deficit. The vast majority of USA businesses, big and small, are taxed this way. Sen.
Johnson said Friday that he was won over after GOP leaders offered to boost that deduction to 23 percent.
McCain, a key player in July's collapse of a Republican effort to gut Obamacare, backed thetax bill. After holding out for almost an hour during the vote, Corker, Flake and Johnson eventually joined fellow Republicans to scuttle the Democratic proposal.
The overall legislation would bring the first overhaul of the USA tax code in 31 years.
Sens. Mike Lee, R-Utah, and Marco Rubio, R-Fla., said the bill as now constructed gives too much of its benefits to corporations and that their plan to make the $2,000 credit fully refundable to low-income families "would level the playing field for families, while still kick-starting national investment and growth".
Because the House passed a different tax-slashing bill, the probable outcome of Senate approval - provided the House doesn't pass the Senate's version - would be a conference committee in which lawmakers from both chambers fashion a compromise that could include elements of either bill.
The corporate rates would become permanent, while the individual rate cuts would expire in 2025.