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Latest on the tax bill: GOP making major changes

Latest on the tax bill: GOP making major changes

US Senate Republicans said on Friday (Dec 1) they had gathered the votes needed to pass a sweeping tax overhaul, after last-minute negotiations to ease some senators' concerns about the Bill's impact on the federal deficit, health care and property taxes. Rob Portman (R-OH) told reporters. That embarrassing debacle damaged McConnell's reputation and infuriated Trump.

While the GOP tax overhaul moves ahead, it appears efforts to wrap up a basket of spending bills and other unfinished legislation was in limbo.

Senate Republicans delayed a final vote on an overhaul of the USA tax code late Thursday amid furious, behind-the-scenes efforts to fine-tune the legislation to satisfy a small group of fiscal hawks whose support is needed to pass one of President Donald Trump's core campaign promises.

Flake said he'd obtained a "firm commitment" from Republican leaders and the Trump administration to protect beneficiaries of the Deferred Action for Childhood Arrivals program, and changes to a budgeting gimmick that made the bill seem less expensive than it actually is.

"But here's what I think is important", he went on, "our Democratic colleagues basically say you get zero economic growth with tax cuts, and I think that position has been emphatically repudiated by this report".

Here are Republican senators pivotal to the bill's fate.

An agreement on DACA would be a significant development in the tax debate, as well as in a coming struggle over a year-end government funding bill. The bill now features a 23 percent tax deduction for such business owners, up from the original 17.4 percent, according to statements from Daines and Johnson. Bill Nelson (D-Fla.) would hand states $2.25 billion a year to subsidize the cost of individuals requiring the most expensive medical attention. He announced his support for the bill on Friday after winning more tax relief for non-corporate pass-through businesses, which include partnerships, sole proprietorships and other non-corporate enterprises. It also looks like Collins will get changes to the bill allowing for individuals to deduct up to $10,000 of their state and local property taxes.




What wasn't clear Friday afternoon was what, if anything, Sen. The legislation stalled late on Thursday when Senate rules prohibited adding a deficit-focused mechanism Corker had sought to add to the Bill.

Those rules prohibit Democrats from using a filibuster, which would require 60 votes to overcome, so Republicans can pass the bill with votes from 50 of their 52 members and the support of the vice president. Bob Corker (R) of Tennessee and Senator Flake. If Corker were the lone GOP dissenter, the bill would pass 51-49.

The Joint Committee on Taxation on Thursday provided a new estimate that said the bill was expected to expand the deficit at $1 trillion, far short of assertions by some Republicans that the tax cuts would pay for themselves.

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.

After Senate passage, lawmakers will try to reconcile the Senate bill with the House version in hopes of delivering a first major legislative accomplishment to Trump by Christmas. The current Senate bill completely eliminates the federal deduction for state and local taxes, a popular benefit in the Democratic-leaning states of New York, New Jersey, California and IL as well as many wealthy suburbs nationwide.

Lawmakers have said they expect the two bills to be merged into one, which will require approval by each chamber, but there is still a lingering chance that the House will take the Senate bill in the end.


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