Senate OKs tax bill on 51-49 vote

Senate OKs tax bill on 51-49 vote

In the two letters, sent to the House and Senate respectively, the US 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. If Corker were the lone GOP dissenter, the bill would pass 51-49.

Democrats are blasting Republicans arguing they are trying to rush the legislation through the Senate without giving lawmakers a chance to read it. Bob Corker of Tennessee was the only Republican to vote against the bill, citing deficit concerns.

Corporations and even small businesses, represented by the National Federation of Independent Businesses, which won a concession to give a mom and pop shops a bigger tax cut, have embraced the bill.

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

Success is crucial to Republican political prospects in the November 2018 elections, when the party will fight to keep control of the Senate and the House of Representatives.

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John Cornyn, the Senate's second-ranking Republican, according to The Washington Post.

Congress' nonpartisan Joint Committee on Taxation has said the bill's reductions for many families would be modest and said by 2027, families earning under $75,000 would on average face higher, not lower, taxes.

The original Senate bill wouldn't have allowed the property tax deductions.

Their support is key because Senate Republicans hold a slim 52-48 majority in the Senate, meaning they can only afford to lose two votes, with Vice President Mike Pence casting the tie-breaker. "This is not a flawless bill, but it is one that would deliver much-needed reform to our tax code, grow the economy, and help Americans keep more of their hard-earned money".

Murkowski said Thursday the provision was tweaked to comply.

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Collins would make up the estimated $146 billion in lost revenue by keeping the personal income tax rate for the wealthiest earners at 39.6 percent and make a smaller cut in the corporate tax rate.

"We think we're going to get it done by the end of the year", she said. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy.

Sen. Steve Daines, R-Mont., backed the package Wednesday after securing an increase in the deduction for business income from 17.4 percent to 20 percent. Lawmakers will have to work out agreements on the estate tax, which the House bill repeals but the Senate bill merely reduces, and differences on provisions governing "pass-through" businesses that pay individual instead of corporate taxes.

Under Senate rules, senators can offer unlimited amendments, setting up the possibility of dozens of votes that could stretch all night into Friday morning.

"A vote to cut taxes is a vote to put America first", Trump said.

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