Senate grapples with tax cut plan's impact on federal deficit

President Donald Trump and first lady Melania Trump watch performances during the National Christmas Tree lighting ceremony at the Ellipse near the White House in Washington Thursday Nov. 30 2017

The Senate passed the Tax Cuts and Jobs Act (TCJA) just after 2 a.m. ET on Saturday, moving the U.S. one step closer to the biggest overhaul of the federal tax code in more than 30 years.

Nonetheless, the bill received a boost Thursday when Sen.

President Donald Trump has stumped in Missouri and met with Republicans on Capitol Hill this week to bolster support for the legislation. Though Republicans have framed the legislation as a tax cut for middle-class Americans, the bill will actually raise taxes on millions of working Americans, while benefiting the country's wealthiest the most.

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.

Senate Armed Services Chairman John McCain R-Ariz. arrives for votes on Capitol Hill in Washington Monday evening Nov. 27 2017. President Donald Trump and Senate Republicans are scrambling to change a Republican tax bill in an effort to win over hold
'We haven't had time to read it': Republicans defeat Democrat pleas to adjourn the vote on tax reform because they only had four hours to read the 500-page, small print bill

The president speaks at NYC fundraiser after Senate passes tax bill.

"It's like what one of my colleagues said about the CBO: the one thing you know is that they're always going to be wrong", GOP whip John Cornyn (R-TX) told reporters. In all, the cuts total a little less than $1.5 trillion in revenue over 10 years.

Throughout the House and Senate debates, the USA bishops have maintained that any tax reform must prioritize "care for the most vulnerable among us".

The legislation still has to be reconciled with the U.S. House of Representatives' version of the bill passed on November 16. Pass-through income would still get taxed at individual tax rates, but those business owners would have the deduction. Bob Corker, R-Tenn., and Jeff Flake, R-Ariz., the last two senators who need to get on board. The party views passage as crucial to retaining its House and Senate majorities in next year's elections.

Читайте также: Donald Trump edges closer to moving U.S. embassy in Israel to Jerusalem

"After agreeing in principle with Senate leadership, members of the finance committee, and the administration on a trigger mechanism to ensure greater fiscal responsibility should economic growth estimates not be realized, I voted today to advance this important piece of legislation", Corker said in a statement after voting the bill out of the Senate Budget Committee.

Lawmakers have said they expect the two bills to be merged into one, which will require approval by each chamber, but there is still a lingering chance that the House will take the Senate bill in the end. "Because, basically, they voted against tax cuts".

AARP, the retired persons lobby, is opposed the Senate bill, charging that cuts and rising debt will force Congress to cut Social Security, Medicare and Medicaid to offset the loss of tax revenue. Steve Daines, R-Mont., and Ron Johnson, R-Wis., earlier Friday said they would back the bill after securing further tax relief for pass-through businesses.

The changes added almost $300 billion to the tax bill's costs. Industry experts say that would weaken the law by easing pressure on healthier people to buy coverage, and the nonpartisan Congressional Budget Office has said the move would push premiums higher and leave 13 million additional people uninsured.

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