GOP Tax Plan Heads to Senate Floor for Vote Likely This Week

Trump rallied Republican senators at a luncheon on Capitol Hill ahead of a crucial Senate Budget Committee hearing that had loomed as a cliffhanger moment in the effort to pass the bill.

Republican Senator Susan Collins of ME has said she backs two provisions in the House bill - retaining an individual income tax deduction for state and local property taxes, capped at $10,000 a year, and keeping the existing top individual tax rate of 39.6 percent for those making $1 million or more. McConnell says he can't recall turning down an opportunity to visit White House.

Meanwhile, the RNC chairwoman is pushing senate Republicans to vote in favor of the GOP tax bill, saying the stock market could take a huge hit if it does not pass.

Just one GOP senator on the panel would have had the power to block the bill given the majority's one-vote margin in committee.

The Senate Budget Committee voted 12-11 to advance the bill as two committee Republicans who had said they were considering voting against the measure - Bob Corker of Tennessee and Ron Johnson of Wisconsin - backed the legislation. Republican leaders hope to hold a vote on final passage later this week. The tax package blends a sharp reduction in top corporate and business tax rates with more modest relief for individuals. Susan Collins, R-Maine, won support to amend the bill to allow homeowners to deduct at least a portion of their local property taxes on their federal tax returns. The House would keep individuals' state and local property tax deduction, which the Senate bill would eliminate.


Under the budget process Republicans are using to pass the tax bill without Democratic votes, the Budget Committee was tasked with combining the Finance Committee's tax measure with the Alaska drilling proposal from the Energy and Natural Resources Committee.

A group of moderate Senate Democrats are asking Republicans to work with them to refashion their tax bill into legislation they say would truly help the middle class. The changes, if adopted, would be the biggest USA tax overhaul in three decades.

The change largely stems from the bill effectively getting rid of the Obamacare provision requiring most Americans to have health insurance or pay a penalty.

Rep. Kevin Brady, chairman of the Ways and Means Committee, made his comments Tuesday as Senate Republican leaders pushed to pass their bill this week.


Popular

CONNECT