Senate Republicans are confident they have the votes to pass tax bill

Senate Republicans are confident they have the votes to pass tax bill

The president said he was called at about 3 tell him the Senate had passed the bill. Holdout Sen. Susan Collins, R-Maine, who asked GOP leaders for multiple changes to the bill, has not yet committed to supporting it. The bill was also overwhelmingly unpopular in US opinion polls leading up to the vote.

The vote fell along party lines, with 51 republicans voting in favor of the bill, and 49 democrats and one republican voting against it. Corker, along with Flake and Johnson, threatened to hold up the bill on Thursday after the Senate parliamentarian ruled that his "trigger" proposal ― which would have brought back certain taxes if the government failed to meet specific revenue targets ― could not be included in the reconciliation bill.

The tax overhaul is seen by Trump and Republicans as crucial to their prospects at mid-term elections in November 2018, when they will have to defend their majorities in Congress. Tax reform would be different, promised McConnell and other GOP leaders.

Democrats criticized the passage of the bill because its contents were widely unknown during its discussion, there were virtually no expert witnesses that spoke before congressional committees, and the final amendment was written just hours before the final vote, which the Democrats saw as intentional.

Flake said he'd obtained a "firm commitment" from Republican leaders and the Trump administration to protect beneficiaries of the Deferred Action for Childhood Arrivals program, and changes to a budgeting gimmick that made the bill seem less expensive than it actually is. Bob Corker (R) of Tennessee and Senator Flake.

"However, the change to the state and local tax (SALT) deduction would reduce disposable income for many taxpayers, likely outweighing the positive effect of lower federal rates on consumption in many communities and states". The vast majority of United States businesses, big and small, are taxed this way. Sen. The deduction will go to 23 percent from 17.4 percent in the original Senate bill. 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.

In a dramatic turn Thursday, Democrats forced a vote on whether to return the measure to the Senate Finance Committee so it could be rewritten to ensure smaller deficits.

The overall legislation would bring the first overhaul of the U.S. tax code in 31 years.

Unlike the tax bill passed by the House two weeks ago, the Senate measure would end the requirement in President Barack Obama's health care law that people pay a tax penalty if they don't buy health insurance. "There are some areas where we disagree", Scalise said on "Fox and Friends", pointing to agreement over cutting the corporate tax rate. Perhaps most significantly, nearly all of the Senate bill's tax cuts for individuals expire after seven years as a budget gimmick to reduce the bill's cost.

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Under the bill, the corporate tax rate would be permanently slashed to 20 percent from 35 percent, while future foreign profits of US -based firms would be largely exempt, both changes pursued by corporate lobbyists for years.

This story was reported by The Associated Press.