Senate Budget Committee Approves GOP Tax Bill

Wednesday, 29 Nov, 2017

Jeff Flake (R-Ariz.), left, reads during a November 14, 2017, Senate Foreign Relations Committee hearing on Capitol Hill.

Whether these changes will win over enough Republicans to get the bill through the Senate remains to be seen. Despite having threatened to oppose the bill, GOP senators Bob Corker of Tennessee and Ron Johnson of Wisconsin both voted it out of committee.

The legislation faces an open amendment process on the Senate floor that may spell substantial changes before a final vote that's expected Thursday. Any one Republican senator can block the Budget Committee's approval of the bill. The Tax Cut Bill is getting better and better.

Senate Republicans held their weekly policy lunch on Tuesday to discuss their tax bill, and President Donald Trump was in attendance. He wants further cuts for "pass-through" businesses that do not directly pay income taxes but instead send their earnings to their owners to be taxed as individual income.

The Senate bill would slash the corporate tax rate to 20 percent from 35 percent after a one-year delay.

"In the event revenues are not there, there's a way to recoup them so that you're in a situation where you're not creating deficits, should the projections that have been laid out not be real".

The demands from Johnson, Corker and other GOP Senators put party leaders in a hard position. "And we do have a few members who have concerns and we're trying to address them".

Senate Republicans are hoping to bring the bill to a vote by Friday.

I believe it is the other way around.

Senators said the conference discussed some big changes to make the Tax Cuts and Jobs Act (TCJA) more palatable before a possible vote by the end of the week.

The CBO also estimated that the GOP tax bill could trigger automatic cuts worth $136 billion from mandatory spending in 2018, including $25 billion in Medicare cuts, if Congress doesn't find another way to offset its deficit increases.

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

Democrats, meanwhile, have been sidelined.

Certainly, this White House wants to see it happen.

Trump met at the White House with Ryan and McConnell, where he was upbeat about the prospects for the tax bill.

While the overall architecture of the two bills is similar, there are significant differences.

Senate Republicans, including Senate Finance Committee Chair Orrin Hatch (R-Utah), have tried to fight back against that attack, saying that buying health insurance is a choice, and that more Americans will merely choose to go uncovered.

Ten months into his presidency, Trump is looking for passage of his first significant piece of legislation. Republicans maintain that gap would be narrowed by additional economic growth. "We got a commitment that puts us in a pretty good place", he said.