The Republicans eye a crucial final vote Friday on the $1.4 trillion Senate bill carrying the hopes of President Donald Trump and the Republican Party to preserve their majorities in next year's elections.
One prior holdout, Sen.
The Senate debated the legislation late into Thursday and adjourned, putting off any votes until Friday morning. He can afford to lose only two votes while counting on Vice President Mike Pence to break the tie. But Marc Short, the White House director of legislative affairs, told reporters Friday there was not yet an agreement on DACA, only a deal to include Flake in the discussions. The amendment would raise how much these businesses could deduct off the top of their tax bill, from the 17.4 percent now in the Senate bill to 23 percent.
A GOP summary obtained by The Associated Press showed that to pay for the changes, the new plan would scale back several tax cuts.
McConnell and leadership got a boost when Sens.
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Trump has been desperate for a congressional win, and he has repeatedly stressed he wants the tax bill on his desk by year's end.
Senate passage would push Congress a step closer to the first rewrite of the nation's tax code in three decades.
The JCT's "dynamic scoring" of the Tax Cuts and Jobs Act Thursday revealed the bill will still add $1 trillion to the federal deficit, even accounting for growth.
A drama then unfolded on the Senate floor when Tennessee Republican Bob Corker balked at voting to add that much to the federal debt. Changes being discussed included rolling back some of the tax cuts after six years to appease deficit hawks - notably Flake and Sen. Bob Corker (R-TN), lawmakers confirmed Friday that no changes have been made to address their concerns. A vote on the plan could split Republicans.
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Another faction to be reckoned with: senators supporting millions of businesses whose owners report the firm's profits on their individual tax returns.
Demonstrators gather outside the U.S. Capitol to protest the Republican tax plan as it works through the Senate in Washington November 30, 2017. Steve Daines, R-Mont., backed the tax legislation Wednesday after securing an increase in the deduction for business income from 17.4 percent to 20 percent. Susan Collins on board but she cautioned against makng assumptions. "If you're going to walk across a highwire you may be skilled and you may be able to do it, but it sure is nice to have a net under you", said James Lankford of Oklahoma, one of the "deficit hawks" who'd previously worked toward the trigger with Corker.
Corker, who's all but broken with Trump over the president's behavior in office, is among a handful of Republicans uneasy over the mountains of red ink the tax measure is expected to produce.
The Republican tax bill would represent the biggest overhaul of the USA tax system since the 1980s.
A pair of pro-family Republicans offered a plan to pare back a proposed cut in corporate tax rates to make an increase in the child tax credit more generous, while work also intensified on a controversial plan to trigger automatic tax increases if the plan produces higher than hoped-for deficits.
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Because the House passed a different tax-slashing bill, the probable effect of Senate approval - provided the House doesn't pass the Senate's version - would be a conference committee in which lawmakers from both chambers fashion a compromise that could include elements of either bill.
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