Mitch McConnell Says Republicans Have The Votes To Pass Tax Bill

Hillsdale College   Wikimedia Commons

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. John McCain (R-Ariz.) cited this summer in his late-night vote to stop the GOP from repealing large chunks of the Affordable Care Act.

Collins told reporters Wednesday that she has a commitment from Republican Senate Majority Leader Mitch McConnell that both Alexander-Murray and Collins-Nelson bills are "must-pass" bills this year.

Analysts said lawmakers could scale back tax cuts for corporations and top individual earners. Their bill would be the biggest overhaul of the USA tax system since the 1980s.

The video that accompanied the tweet showed the Montana Democrat's displeasure with the bill, which passed the Senate by a 51-49 margin in a major legislative victory for President Donald Trump. Senate leaders both declared the report junk and claimed it vindicates their claim that the tax bill will pay for itself.

The House bill, meanwhile, would tax the value of tuition waivers for graduate students employed as teaching and research assistants, dramatically hiking taxes on a modestly compensated workforce.

Their support is key because Senate Republicans hold a slim 52-48 majority in the Senate, meaning they can only afford to lose two votes, with Vice President Mike Pence casting the tie-breaker.

Tax cuts - a move that hasn't been accomplished by Congress in about 30 years - were vigorously opposed by Democrats.

"We're doing massive tax reform on an absolute incredible timeline", he said.

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.

Sen. Ted Cruz (R-Texas) said he would have a "serious problem" with any plan that sets off higher taxes.

"We think we're going to get it done by the end of the year", she said.

"After agreeing in principle with Senate leadership, members of the finance committee, and the administration on a trigger mechanism to ensure greater fiscal responsibility should economic growth estimates not be realized, I voted today to advance this important piece of legislation", Corker said in a statement after voting the bill out of the Senate Budget Committee. Ron Johnson (R-Wis.) and Steve Daines (R-Mont.) secured changes in the last 24 hours to a business deduction that would cost approximately $60 billion over the next decade, according to Daines. Trump and other Republicans insist that the corporate tax rate must be reduced from 35 percent to 20 percent.

Leaders' changes included helping millions of companies whose owners pay individual, not corporate, taxes on their profits by allowing deductions of 23 percent, up from 17.4 percent.

Getting the needed 50 votes was not a done deal as of Friday morning.



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