Monday, 11 December, 2017

Scalise: House, Senate 'pretty close' on tax bill

Bloomberg  Getty Images Bloomberg Getty Images
Howard Terry | 06 December, 2017, 00:31

"You complain about process when you're losing", Senate Majority Leader Mitch McConnell said of Democratic objections.

One prior holdout, Sen.

Some Democrats agreed that USA corporate taxes should be lowered, but insisted the Republican plan goes too far and would eventually trigger painful cuts to federal programs that benefit the poor and elderly in the future.

A vote on the bill is expected later tonight.

Smiling, Collins said, 'I'm pleased with the progress that's being made but I'll announce my position in a couple of hours'.

McConnell and Republican leaders won over a slew of skeptical Republican members in recent days to pass the bill. Vice President Mike Pence would break a tie. He said Friday he felt it would have been fairly easy to alter the measure in a way that would have been more fiscally sound, but "unfortunately, it is clear that the (Republican) caucus is in a different place". Its passage brings Republicans a step closer to their first major legislative achievement in the Trump presidency.

The Joint Committee on Taxation estimated on Thursday that the Republican bill would expand the national debt by $1 trillion over 10 years, far short of assertions by Republicans that the tax cuts would pay for themselves.

"If this legislation is signed into law, we are going to have a smaller deficit in future years than we are on the path to have now", Senator Pat Toomey of Pennsylvania said. The projection left the votes of several GOP lawmakers in doubt, including Corker and Flake. "Honestly, a lot of things are being discussed", said Sen.

Candice E
Candice E

Your comfortable with your vote on this tax bill and is it there really no matter what comes out of conference?

At stake is a top priority for Trump and a Republican Party that considers passage of the measure the best way to preserve the GOP's congressional majorities in next year's midterm elections. "That disparity between the US tax code and foreign tax rates has literally chased jobs and wages out of this country". It could be 22 when it comes out, but it could also be 20.

Should the Senate bill pass, the two bills will have to be reconciled. After holding out for almost an hour during the vote, Corker, Flake and Johnson eventually joined fellow Republicans to scuttle the Democratic proposal.

The overall legislation would bring the first overhaul of the USA tax code in 31 years.

The underlying proposal would permanently cut corporate taxes, temporarily cut taxes on wages and salaries, boost some tax deductions Americans can claim while eliminating others, and increase the USA national debt, which now is more than $20 trillion.

Trump's suggestion of a higher corporate tax rate than what has been included in legislation approved by the House and Senate represented an about-face after the president and administration officials maintained a hard line that a corporate rate higher than 20 percent was a nonstarter.

The tax cuts for individuals in the Senate plan would expire in 2026 while the corporate tax cuts would be permanent. A conference committee will draft a compromise bill that both houses could accept.

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