Republicans pushed a almost $1.5 trillion tax bill through the Senate early Saturday after a burst of eleventh-hour horse trading, as a party starved all year for a major legislative triumph took a giant step toward giving President Donald Trump one of his top priorities by Christmas. Majority Leader Mitch McConnell (R-Ky.) could have sent it to the Senate floor without the committee's approval, and on a vote where only 3 Republicans defections would sink the measure, that departure from the Senate's "regular order" would have jeopardized the effort. Bob Corker (R-Tenn.) and Jeff Flake (R-Ariz.) - wanted to craft a trigger mechanism to automatically increase taxes if the overhaul doesn't raise projected revenues via a growing economy. Perhaps most significantly, nearly all of the Senate bill's tax cuts for individuals expire after seven years as a budget gimmick to reduce the bill's cost. And it would increase a one-time tax on profits held overseas by USA -based corporations.
Republicans failed in their efforts to repeal the Obamacare healthcare law over the summer and Mr Trump's presidency has been hit by White House in-fighting and by a federal investigation into possible collusion past year between his election campaign team and Russian officials. In all, the cuts total a little less than $1.5 trillion in revenue over 10 years. The House and Senate will now attempt to reconcile their different bills, and President Donald Trump has pledged to sign the tax reform legislation into law before Christmas.
The GOP has already secured support from two other key votes: Sens.
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. "This is not a ideal bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money".
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The bill has come under sharp criticism from Catholics for its considerable tax breaks for corporations and policies that would disproportionately affect low-income families.
Those groups said provisions that would prevent federal filers from deducting state and local taxes, and eventual tax hikes on middle-class families if the sunset cuts are not extended would cause property values to drop by 10 percent and eliminate an incentive for homebuyers. Pass-through income would still get taxed at individual tax rates, but those business owners would have the deduction. "We have done it and we're ready to go", she said. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses.
Under Senate rules, senators can offer unlimited amendments, setting up the possibility of dozens of votes that could stretch all night into Friday morning. "Because, basically, they voted against tax cuts".