Senate Budget Committee sends tax bill to floor for vote

Nov 29, 2017, 00:59
Senate Budget Committee sends tax bill to floor for vote

The president was having lunch with some members of the Senate Finance Committee ahead of what was expected to be a series of contentious votes in the full Senate later in the week over proposed changes to the labyrinth USA tax code.

The pending tax bill can advance without fear of a Democratic filibuster in the Senate, but Trump and congressional Republicans need Democratic help to advance this year's long-delayed round of spending bills.

The leverage that Democrats carry has GOP conservatives on edge and they have been reluctant to make early-stage concessions that might foul the mood of rank-and-file Republicans while the tax bill is in the balance.

As disabled protesters shouted, "Kill the bill, don't kill us", in a Capitol Hill hearing room, the Senate Budget Committee, with no discussion, quickly approved the legislation on a 12-11 party-line vote that left Democrats fuming.

Susan Collins, Trump reportedly agreed that the final Senate bill could include a change to align the plan with the House version.

Senator Bob Corker, one of few remaining Republican fiscal hawks in Congress, said he worked out a deal satisfying his concerns that the tax cuts add too much to the national debt.

Senate Majority Leader Mitch McConnell (R-Ky.) could simply move to bring the legislation directly to the floor. With no major legislative achievement, Trump is pushing hard for the GOP to deliver a tax cut bill to him by the end of the year.

The CBO report, released Sunday, estimates that lower-income groups would foot a bigger bill from tax cuts than previously expected. "It's just a justification to let those who have argued that they don't believe in increasing the deficit actually vote for a bill which does exactly that", Merkley said.

The Senate proposal would temporarily cut many individual income taxes while permanently reducing the corporate rate.

Trump also portrays the meeting as being with Democrats "Chuck and Nancy". The House would repeal the individual deduction for medical expenses and limit the home mortgage-interest deduction to future loans under $500,000 - provisions that aren't in the Senate bill. John Thune (R-S.D.), the No. 3 Senate GOP leader, said Monday evening, predicting success.

On a shutdown, Trump said, "If it happens it's going to be over illegals pouring into the country, crime pouring into the country, no border wall, which everyone wants".

The Republican president told reporters Tuesday that they were in a "very good position" after the Senate Budget Committee's passage of the GOP tax plan. Republicans in the two chambers would have to come to an agreement on a consensus bill.

A change to the state and local tax deduction: One of the thorniest issues during the House debate on the TCJA concerned the state and local tax deduction, which allows households to deduct state taxes from their federal tax bill.

"If we could take the entire individual side of this, throw it in the trash can, and take it directly to the incinerator, I would be thrilled", he said.

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