Senate moves closer to passing Republican tax reform package

Senate Majority Leader Mitch Mc Connell is optimistic about passing a final tax bill

If Corker were the lone GOP dissenter, the bill would pass 51-49.

The GOP has already secured support from two other key votes: Sens.

"It's clear this bill's net effect on our economy would be positive", McCain said in a statement.

The DACA "solution" is not, obviously, going to be in this tax bill. They want a "trigger" mechanism that would impose automatic tax increases to provide revenue if growth fails to materialize. 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.

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.

Drilling in the refuge has always been a contentious issue, pitting environmentalists against those who want to increase domestic oil production. Perhaps most significantly, nearly all of the Senate bill's tax cuts for individuals expire after seven years as a budget gimmick to reduce the bill's cost.

Sen. John Thune of South Dakota, the No. 3 Republican in the Senate, called the trigger "a work in progress" Thursday afternoon.

South Carolina Sen. Tim Scott a Republican defended the rushed process to pass the tax package
South Carolina Sen. Tim Scott a Republican defended the rushed process to pass the tax package

But in his hour of extreme need, it seems Mitch McConnell is doing something even trickier: promising senators concessions that are not in the tax bill and which in fact would require Democratic support.

Sen. Susan Collins of ME said she won an agreement from leaders to add a $10,000 deduction for local property taxes, one of her key demands.

Success is crucial to Republican political prospects in the November 2018 elections, when the party will fight to keep control of the Senate and the House of Representatives.

"Because the bill was given to lobbyists to read and change before senators saw it, and because the bill was given to us on a few hours" notice and has not been read fully or considered fully by a single senator, I move we adjourn until Monday so we can first read and then clean up this terrible piece of legislation, ' Schumer said.

Collins would make up the estimated $146 billion in lost revenue by keeping the personal income tax rate for the wealthiest earners at 39.6 percent and make a smaller cut in the corporate tax rate. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy. Ron Johnson, R-Wis., told home-state reporters, asked why the Senate was approving a bill some senators hadn't read. The deduction is for business owners who report their business income on their individual tax returns.

Sen. Mike Lee, R-Utah, nodded in agreement. He has been noncommittal about his support, even with the change secured by Daines. They had rounds of closed-door meetings and were drafting the revised bill text up to the time they assembled on the Senate floor in advance of the vote.

Getting the needed 50 votes was not a done deal as of Friday morning.

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