Trump presses Senate to pass tax bill in tweets
- Author: Marlene Weaver Dec 03, 2017,
Dec 03, 2017, 0:42
If Corker were the lone GOP dissenter, the bill would pass 51-49.
The framework for both the Senate and House bills was developed in secret over a few months by a half-dozen Republican congressional leaders and Mr Trump advisers, with little input from the party's rank-and-file and none from Democrats. Bob Corker (R-Tenn.) and Jeff Flake (R-Ariz.) - wanted to craft a trigger mechanism to automatically increase taxes if the overhaul doesn't raise projected revenues via a growing economy.
Corporations and even small businesses, represented by the National Federation of Independent Businesses, which won a concession to give a mom and pop shops a bigger tax cut, have embraced the bill.
Because the House passed a different tax-slashing bill, the probable effect 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. It is similar to a provision in the House-passed bill. On Thursday, the nonpartisan Joint Committee on Taxation released a report saying the legislation would add $1 trillion to the deficit over the next 10 years, even with tax-driven economic growth projections factored in.
Their support is key because Senate Republicans hold a slim 52-48 majority in the Senate, meaning they can only afford to lose two votes, with Vice President Mike Pence casting the tie-breaker. The amendment would raise how much these businesses could deduct off the top of their tax bill, from the 17.4 percent now in the Senate bill to 23 percent.
Throughout the House and Senate debates, the USA bishops have maintained that any tax reform must prioritize "care for the most vulnerable among us".
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.
"It's like what one of my colleagues said about the CBO: the one thing you know is that they're always going to be wrong", GOP whip John Cornyn (R-TX) told reporters. They contrasted the bill's permanent reduction in corporate income tax rates from 35 percent to 20 percent to smaller individual tax breaks that would end in 2026. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy.
Under Senate rules, senators can offer unlimited amendments, setting up the possibility of dozens of votes that could stretch all night into Friday morning. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses.
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.
"A vote to cut taxes is a vote to put America first", Trump said.