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Senate Budget Committee Approves GOP Tax Bill

29 November, 2017, 01:15 | Author: John Swanson
  • President Donald Trump

In another tweet as he returned to Washington from his Thanksgiving holiday at his oceanfront resort along the Atlantic Ocean in Florida, Trump said, "Senate Republicans will hopefully come through for all of us". Despite having threatened to oppose the bill, GOP senators Bob Corker of Tennessee and Ron Johnson of Wisconsin both voted it out of committee. GOP senators hope to pass that plan this week and approve a final bill agreed upon with the House before the end of the year.

Whether or not the Senate GOP finds a path forward in the coming days, its bill is certain to be considerably different from the House tax bill that passed earlier this month.

Johnson told reporters Monday that he was working to strike a deal with Senate leaders to bring the benefits for those businesses more in line with the cuts planned for large corporations, which would see their income tax rate fall from 35 percent to 20 percent.

It is possible that they simply want it to advance to wider debate on the Senate floor. Corker has expressed concern about any steps that would increase the deficit.

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Sen. Susan Collins (R-Maine), as well as Moran, have voiced discomfort with the current bill's repeal of a key Affordable Care Act mandate, one that levies a hefty tax penalty on individuals who do not purchase health insurance but also helps lower premiums generally. He has sought a "backstop" that would create automatic tax increases if the tax bill doesn't spur strong economic growth as Republicans have promised.

While these changes appear to address the concerns of a slew of GOP members, a slew of questions remain: Will these changes be adopted by leadership?

The independent Congressional Budget Office concluded in a new report Sunday that the Senate version of the tax changes would give substantial cuts and benefits to those who earn more than $100,000 a year, while the country's poorest taxpayers would be worse off.

Wall Street moved higher on the news that the bill would move to a full Senate vote, with the benchmark S&P 500 .SPX index closing up a little over 1 percent. Will they abide by Senate rules?

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Trump also apparently "vented" his annoyance at Ivanka to several advisers. "The list is growing", the narrator in the ad said. Senator John Thune, the No 3 Republican in the Senate, has said he would like to see Mr Trump reverse his backing of Mr Moore.

Democratic leaders pulled out of a White House meeting Tuesday hours after President Donald Trump took to Twitter to bad-mouth them.

"We're in very good position", he said.

Spokespeople for the Senate Finance Committee, which drafted the bill, did not immediately respond to a request for comment.

Other Republicans, however, are taking a less lofty view of the legislation. "Rather than going to the White House for a show meeting that won't result in an agreement, we've asked Leader McConnell and Speaker Ryan to meet this afternoon".

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