uggs on saleThe opposition to the $1.5 trillion tax-cut bill threatened what had been growing momentum for the tax overhaul. The House is expected to pass its own tax overhaul Thursday. And the Senate Finance Committee hopes to do the same this week, with the full Senate voting after Thanksgiving.
Senate leaders made last-minute changes to their bill Tuesday to solve several problems, including that it would run afoul of Senate rules known as “reconciliation” that allow legislation to pass with only a simple majority if it doesn’t raise the deficit after a decade.
Changes made Tuesday included removing the individual mandate, which would save the government $300 billion over the next decade as it paid out less in insurance subsidies for low- and middle-income Americans, according to the nonpartisan Congressional Budget Office. The change would also, according to the CBO, result in 13 million more Americans going without coverage.
Senate leaders also changed their bill to make tax cuts for corporations permanent, but let individual tax cuts sunset at the end of 2025. The expiration would also affect small businesses whose owners use tax law to pay some of their income at the individual rate, a change Johnson said would unfairly penalize small businesses.
Allowing those tax deductions to expire would increase taxes these companies pay by around $45 billion per year in 2026 and 2027, according to a forecast put out by the Joint Committee on Taxation. House Republicans’ version of the tax legislation contains more generous, and permanent, tax cuts for these businesses, but Johnson said neither was sufficient in its current form.
discontinued ugg boots clearance sale http://www.abaelectrical.com/ “These businesses truly are the engines of innovation and job creation throughout our economy, and they should not be left behind,” Johnson said in a statement. “Unfortunately, neither the House nor Senate bill provide fair treatment, so I do not support either in their current versions.”
The companies Johnson is referring to are often small businesses, but they can also be companies such as hedge funds, law firms, real estate companies and other large companies.
President Trump called the Wisconsin Republican on Wednesday evening to discuss the concerns. It was not immediately clear whether Trump eased any of Johnson’s worries, but the senator said earlier Wednesday that he held out hope of voting for the bill if it was fixed.
Several other critical Senate Republicans who might have reservations about the bill have not said how they will vote. They include Sen. Bob Corker (R-Tenn.), who has previously expressed concern about the tax bill’s potential impact on the deficit and said he would not support a bill whose provisions had an expiration date. Corker said Wednesday he was still reviewing the bill.
Another potential holdout, Sen. John McCain (R-Ariz.), repeatedly declined to say whether he would vote for a tax bill that includes the proposed change to the Affordable Care Act. McCain, who voted against a previous attempt to repeal the ACA, said he wanted to review the tax bill as a whole.
The GOP unrest comes as Senate Democrats exploded over the late-night changes that Republicans made to the bill, saying the new GOP plans would further punish the middle class.
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