Tax bill advances, final Senate vote uncertain

Tax bill advances, final Senate vote uncertain

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.

Public polling on the Republican tax plan is almost as bad as the polling on Obamacare repeal bills: More than half of voters disapprove of the tax plan, while just 25% support it, according to a Quinnipiac poll from earlier this month. Since the TCJA is going through the budget reconciliation process, the bill only needs a majority vote in the Senate to pass.

But whether Trump's White House push for the legislation will be enough to win approval is uncertain.

The president was having lunch with some members of the Senate Finance Committee ahead of what was expected to be a series of contentious votes in the full Senate later in the week over proposed changes to the labyrinth US tax code.

The 12-11 party-line vote Tuesday came after Republican leaders addressed objections raised by GOP committee members who threatened to block it.

The Senate Republican tax plan would harm the poor while slashing taxes for the rich, according to a report from the nonpartisan Congressional Budget Office published Sunday.

President Donald Trump is predicting passage of the Senate tax plan as he accuses Democratic leaders of being "all talk" and "no action".

Trump Heads to Missouri to Sell Tax Plan Ahead of Senate Vote
Tax bill advances, final Senate vote uncertain

As the committee voted, Republican Senator Bob Corker said he had worked out a deal that satisfied his concerns that the tax cuts could add too much to the national debt.

Senator Ron Johnson, a Wisconsin Republican, pushed to change the way pass-through businesses would be treated by increasing a proposed 17.4 percent deduction for pass-through business income to at least 20 percent.

The change largely stems from the bill effectively getting rid of the Obamacare provision requiring most Americans to have health insurance or pay a penalty.

"It's a challenging exercise", Senate Republican Leader Mitch McConnell said at a news conference.

Despite the Budget Committee moving the bill forward, the TCJA is not assured to pass on the broader Senate floor.

The legislation would make multiple changes to the tax code, but the vast majority of individual tax cuts would expire after 2025. The tax package blends a sharp reduction in top corporate and business tax rates with more modest relief for individuals.

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