Senate Passes Historic Republican Tax Overhaul Bill

03 December, 2017, 00:43 | Author: Courtney Perry
  • Senate Majority Leader Mitch Mc Connell, alongside US Senator John Barrasso, Republican of Wyoming and US Senator Orrin Hatch, Republican of Utah speaks after a meeting between US President Donald Trump and the Republican Senate Caucu

In the two letters, sent to the House and Senate respectively, the USA bishops outlined six moral principles that they believe the bill must consider: care for the poor, the strengthening of families, maintaining the progressivity of the tax code, raising adequate revenue for the common good, avoiding cuts to poverty programs to finance tax reform, and incentivizing charitable giving and development.

The vote was 51-49, largely along party lines. Orrin Hatch, R-Utah, after the passage of the Republican tax bill early Saturday. And it would increase a one-time tax on profits held overseas by US -based corporations.

The legislation still has to be reconciled with the U.S. House of Representatives' version of the bill passed on November 16.

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 previous year between his election campaign team and Russian officials.

On Thursday night, leadership waved away a report from Congress' Joint Committee on Taxation that came to the opposite conclusion, detailing why the bill would cost the government $1 trillion even with economic growth.

But the effort stumbled on Thursday when Republicans acknowledged that Senate rules would not permit them to add a mechanism to trigger tax increases in coming years if the bill fails to boost the economy enough to generate sufficient revenues to pay for tax cuts.


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

"We have an alternative, frankly a tax increase we don't want to do, to try and address Senator Corker's concerns", said Senate Majority Whip John Cornyn, the chamber's No. 2 Republican.

Other issues under discussion included if the 20 percent corporate tax rate might be raised, the extent of the child-tax credit, and the tax rate for small businesses.

So while the assurances Flake received on DACA were weak tea, it's a risky subject to be bandied about in a tax-bill negotiation, with the Democrats who would have to be deeply involved in any deal presumably excluded.

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.

Senate Minority Leader Charles Schumer, D-N.Y., said the way the GOP bill is being "rammed" through the Senate is the reason the American people think the process is broken. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy. The tax cuts for individuals would expire in 2026 while the corporate tax cuts would be permanent. Facing unyielding Democratic opposition, Republicans could lose no more than two GOP senators and prevail with a tie-breaking vote from Vice President Mike Pence, but ended up not needing it.

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