March 20, 2018

Senate Budget Committee Approves GOP Tax Bill

29 November 2017, 12:58 | Rufus Hill

Senate Budget Committee Approves GOP Tax Bill

Trump Heads to Missouri to Sell Tax Plan Ahead of Senate Vote

The Republicans have only a one-vote majority on the committee, and both Johnson and Corker are on the panel, meaning that if either of them vote against moving the measure to the floor it will stall.

The committee meeting was a dramatic moment for the bill, as the votes of at least two GOP senators were uncertain until they were cast.

Senate Republicans held their weekly policy lunch on Tuesday to discuss their tax bill, and President Donald Trump was in attendance.

President Donald Trump is barnstorming Capitol Hill Tuesday on a huge day for his presidency and the Republican Party, desperate to inspire and cajole GOP senators to pass a controversial tax reform bill and salvage an unproductive legislative political year.

But Republican Senate leaders, handicapped by their narrow two-vote advantage over Democrats, still lacked the votes to ensure that a bill that could be sent to the Senate floor as early as Wednesday can pass.

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

A possible "fiscal trigger" to appease deficit hawks: Senators like Bob Corker, James Lankford, Jerry Moran, and Jeff Flake have all expressed concerns about the tax bill's potential effect on the debt and deficit. GOP senators hope to pass that plan this week and approve a final bill agreed upon with the House before the end of the year.

He said the bill would be modified to automatically raise tax revenues if growth targets were not reached. Corker said he is concerned that the package will add to the federal government's $20 trillion debt. "We've got four-and-a-half hours", Corker told CNN's Manu Raju ahead of the crunch Budget Committee meeting. The House would repeal the individual deduction for medical expenses and limit the home mortgage-interest deduction to future loans under $500,000 - provisions that aren't in the Senate bill.

The Alexander-Murray bill has enough support in the Senate but has been blocked by GOP leadership.

McConnell says he can't recall turning down an opportunity to visit White House.

The independent Congressional Budget Office concluded in a new report Sunday that the Senate version of the tax changes would give substantial cuts and benefits to those who earn more than $100,000 a year, while the country's poorest taxpayers would be worse off.

The House's chief tax-writer says ending the "Obamacare" requirement that everyone have health insurance - an element of the Senate bill - is a move the House also is likely to accept. The bill, he added, reflects "an incredible opportunity to promote the kind of lasting economic growth that can only come from enhancing free enterprise, increasing individual liberty, and expanding economic freedom". Collins said the Senate bill would be amended to allow homeowners to deduct up to $10,000 in property taxes, which is similar to a provision in the House-passed bill.

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