Senate Budget Committee Approves GOP Tax Bill

The House of Representatives has already approved its version of the tax overhaul, but it differs in several ways from the Senate plan. GOP senators hope to pass that plan this week and approve a final bill agreed upon with the House before the end of the year.

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

The bill still faces hurdles in the Senate with at least six senators raising sometimes contradicting concerns.

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 will be in St. Charles for a speech Wednesday, his second visit to Missouri in three months.

The 12-11 party-line vote in the Senate Budget Committee, held as protestors shouted in the background in a Capitol Hill hearing room, cleared the way for the full Senate to vote on the bill.

Moments after he left the Capitol, two key Republican senators on that committee, Ron Johnson of Wisconsin and Bob Corker of Tennessee, who had been holding out for more concessions to meet their different concerns about the measure, told CNN they would vote for it.

Trump Heads to Missouri to Sell Tax Plan Ahead of Senate Vote
Senate Budget Committee Approves GOP Tax Bill

These include changing the rates on individual tax brackets, almost doubling the standard deduction, eliminating personal exemptions, expanding the child tax credit and repealing the state and local tax deduction.

After Trump's meeting with Senate Republicans, Corker said, "I think we're getting to a very good place on the deficit issue".

Rep. Kevin Brady, chairman of the Ways and Means Committee, made his comments Tuesday as Senate Republican leaders pushed to pass their bill this week.

He said, "We're going to let the Senate process go forward, encourage the Senate to deliver a good pro-growth product".

While the overall architecture of the two bills is similar, there are significant differences. The tax package blends a sharp reduction in top corporate and business tax rates with more modest relief for individuals.

The current Senate bill repeals the entire state and local tax deduction, which helps more than 43 million families reduce their federal tax bills.

The legislation would make multiple changes to the tax code, but the vast majority of individual tax cuts would expire after 2025.


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