Tuesday, November 28, 2017

GOP Tax Plan Heads to Senate Floor for Vote Likely This Week

The Senate Budget Committee sent Republicans’ massive tax-cut bill to the full Senate for a marathon debate and vote as early as Thursday -- a major step toward getting a plan enacted by the end of this year.
The 12-11 party-line vote Tuesday came after Republican leaders addressed objections raised by GOP committee members who threatened to block it. The House passed its own tax-cut measure last month, and Senate Republicans can afford to lose no more than two votes among their ranks to pass the measure without Democratic help.
The bill would cut the corporate tax rate to 20 percent from 35 percent in 2019 and reduce individual rates and double the standard deduction until 2026 -- adding $1.4 trillion to the federal deficit over a decade. The legislation also would open the Arctic National Wildlife Reserve to oil drilling.
Just one GOP senator on the panel would have had the power to block the bill given the majority’s one-vote margin in committee.  

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