The White House and top GOP lawmakers believe they have the votes necessary to pass the most significant overhaul of the nation’s tax code in decades; with Senate Majority Leader Mitch McConnell telling reporters, “We have the votes.”
According to Fox News, Republican legislators have reached the 50-vote threshold –the minimum needed to pass the proposed bill- but are actively pursuing more support from fellow colleagues to ensure the legislative victory.
The announcement comes as key GOP Senators who were initially skeptical of the proposal threw their support behind the bill; including Senators John McCain, Jeff Flake, and Ron Johnson.
“Republican Senators are working hard to pass the biggest Tax Cuts in the history of our Country. The Bill is getting better and better. This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!” President Trump tweeted Friday morning.
Republicans Senators are working hard to pass the biggest Tax Cuts in the history of our Country. The Bill is getting better and better. This is a once in a generation chance. Obstructionist Dems trying to block because they think it is too good and will not be given the credit!
— Donald J. Trump (@realDonaldTrump) December 1, 2017
If passed, the proposed legislation would provide a sweeping overhaul of the nation’s outdated and overly-complicated tax; reducing the income tax brackets for individuals and slashing the corporate tax rate to “unleash” American businesses.
The bill is expected to move to the Senate floor Friday afternoon.
Senate Standstill: Gutless GOP Senators Seek to Delay TAX CUTS to 2019
Senate Republicans continue to break with President Trump on tax reform, announcing their plan to delay the corporate tax cut from 35 percent town to 20 percent until 2019; a major split from the President’s call for immediate action to help create millions of jobs, reports the Washington Post.
According to inside sources familiar with the Senate negotiations, many GOP legislators objected to the year-long delay but were overruled by a majority of lawmakers. The announcement raises serious concerns that American businesses will unnecessarily wait a full year to make investments and hire employees.
The delay would lower the cost of Trump’s tax overhaul by approximately $100 billion as GOP Senators struggle to advance key aspects of the President’s legislative agenda.
“The one-year delay would lower the cost of the tax cut bill by more than $100 billion, and negotiators are trying to preserve as much revenue as they can for other changes. But it could also delay decisions by companies to move back to the United States from overseas or have companies hold off on other decisions as they wait for the corporate rate to fall,” writes the Post.
Trump has routinely criticized Senate Majority Leader Mitch McConnell over his seeming inability to pass significant new legislation, blasting the Kentucky lawmaker for “breaking a seven year promise” to the American people on repealing Obamacare.