Senate moves closer to passing Republican tax reform package

Senate moves closer to passing Republican tax reform package

Darren Sullivan
December 3, 2017

The Senate has passed a almost $1.5 trillion Republican tax bill that's historic in scope and an urgent political priority for President Donald Trump and the GOP.

Republicans needed at least 50 votes to win approval for the bill; it ended up with 51.

Democrats are blasting Republicans arguing they are trying to rush the legislation through the Senate without giving lawmakers a chance to read it.

"I was just handed a 479-page tax bill a few hours before the vote", Tester said in the video.

The $1.4 trillion bill focuses the bulk of its tax reductions on businesses and higher-earning individuals and gives more modest breaks to others. And it would increase a one-time tax on profits held overseas by USA -based corporations.

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 bill the House passed last month differs in several ways from the Senate version.

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Corker's opposition hardened following a report Thursday night from Congress' official tax scorekeeper that concluded the bill would add $1 trillion to the deficit over a decade. They want a "trigger" mechanism that would impose automatic tax increases to provide revenue if growth fails to materialize. Later, they won enough GOP support to kill a provision by Sen. The House and Senate will now attempt to reconcile their different bills, and President Donald Trump has pledged to sign the tax reform legislation into law before Christmas.

Flake said he'd obtained a "firm commitment" from Republican leaders and the Trump administration to protect beneficiaries of the Deferred Action for Childhood Arrivals program, and changes to a budgeting gimmick that made the bill seem less expensive than it actually is. "I wish we could have done more for working families by making that credit refundable, but we did lay the groundwork for future pro-family tax reform and I am confident we will get there soon". The group describes its mission as reforming the tax code "by reducing the corporate income tax rate to make it more competitive with our nation's major trading partners".

Those groups said provisions that would prevent federal filers from deducting state and local taxes, and eventual tax hikes on middle-class families if the sunset cuts are not extended would cause property values to drop by 10 percent and eliminate an incentive for homebuyers.

"We think we're going to get it done by the end of the year", she said. But his vote probably won't matter: Even without Corker, Republicans appear to have the votes they need to pass the bill anyway.

Leaders' changes included helping millions of companies whose owners pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent.

The apparent momentum for a tax cut in the Senate promises to benefit the wealthy and corporations at the expense of lower-income taxpayers and the government's bottom line.