Hatch, Lee celebrate 'historic' passage of GOP tax bill

Hatch, Lee celebrate 'historic' passage of GOP tax bill

"We're doing massive tax reform on an absolute incredible timeline", he said.

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.

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.

"Because the bill was given to lobbyists to read and change before senators saw it, and because the bill was given to us on a few hours" notice and has not been read fully or considered fully by a single senator, I move we adjourn until Monday so we can first read and then clean up this very bad piece of legislation, ' Schumer said.

And even if Democrats went along with these measures as a way to help stabilize Obamacare, opening up spending bills to such legislation is going to inspire all sorts of demands from Republicans as well as Democrats under circumstances where one false step could shut down the government, possibly in the middle of the holidays.

But the effort stumbled on Thursday when Republicans acknowledged that Senate rules would not permit them to add a mechanism to trigger tax increases in coming years if the bill fails to boost the economy enough to generate sufficient revenues to pay for tax cuts.

Sen. Susan Collins (R-ME), who on Thursday laid out several serious issues she had with the bill and changes she is demanding, has not yet confirmed she is on board, telling reporters she would announce her position later on Thursday. He called the passage of the bill "historic". Another bill sponsored by her and Sen. It also looks like Collins will get changes to the bill allowing for individuals to deduct up to $10,000 of their state and local property taxes.

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What wasn't clear Friday afternoon was what, if anything, Sen. Bob Corker (R-TN) are in, the tax bill is set to sail through.

Corker had hoped to find another way to add more tax revenue back into the bill and shrink its deficit gap, but conservatives balked at that plan.

It appears as if Republicans may not have satisfied Corker and just chose to accept that he would vote no.

Republicans needed at least 50 votes to win approval for the bill; it ended up with 51. It will now be sent to conference committee, where Senate members will have to reconcile their bill with the very different version passed by the House on November 16, before sending it to president Donald Trump to sign.

Unlike the House bill, for example, the Senate bill would end the insurance mandate at the core of the Affordable Care Act. 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.

In a late night rewrite of the bill, the text of which has not yet seen the light of day, leadership won over a couple of other holdouts by making the tax break for so-called pass-through corporations more generous-up from 17.4 percent to 23.

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