Senate Passes Historic Republican Tax Overhaul Bill

The Senate passed the Tax Cuts and Jobs Act (TCJA) just after 2 a.m. ET on Saturday, moving the United States one step closer to the biggest overhaul of the federal tax code in more than 30 years.

Although we don't know exactly what Flake got on DACA, we do know that Sens.

The legislation isn't heading to Trump's desk, yet.

The bill would bring huge changes to individual and business taxes.

So while the assurances Flake received on DACA were weak tea, it's a unsafe subject to be bandied about in a tax-bill negotiation, with the Democrats who would have to be deeply involved in any deal presumably excluded.

Blocked from including that provision because of the parliamentarian's ruling, Republican leaders delayed planned votes on the tax bill until Friday morning while they scramble for potential tax increases to offset the cost of their cuts.

Senate Majority Leader Mitch McConnell, R-Ky., flanked by, Small Business Administration Administrator Linda McMahon, left, and Sen. Even an official projection of a $1 trillion, 10-year flood of deeper budget deficits couldn't dissuade GOP senators from rallying behind the bill. Tax reform would be different, promised McConnell and other GOP leaders. Bob Corker, R-Tenn., being the only Republican to vote.

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On Saturday, Bishop Frank Dewane, head of the U.S. Conference of Catholic Bishops' Committee on Domestic Justice and Human Development, said further analysis and recommendations from the bishops would be forthcoming, but "Congress must act now to fix the fundamental flaws found in both bills, and choose the policy approaches that help individuals and families struggling within our society".

Talks will begin, likely next week, between the Senate and the House of Representatives, which has already approved its own tax bill. They had rounds of closed-door meetings and were drafting the revised bill text up to the time they assembled on the Senate floor in advance of the vote.

Despite obstacles the bill still faced late Thursday, expectations that the tax-cut package would pass had stocks soaring, with the Dow Jones industrial average closing above 24,000 for the first time. Another option would be to cut the corporate tax rate from 35 percent to 20 percent but then have that rate climb incrementally in later years, The Wall Street Journal reported.

Lawmakers have said they expect the two bills to be merged into one, which will require approval by each chamber, but there is still a lingering chance that the House will take the Senate bill in the end.

He has been adamant for months that the Republican bill not balloon the federal debt. Ron Johnson, R-Wis., told home-state reporters, asked why the Senate was approving a bill some senators hadn't read. Industry experts say that would weaken the law by easing pressure on healthier people to buy coverage, and the nonpartisan Congressional Budget Office has said the move would push premiums higher and leave 13 million additional people uninsured.

The changes added almost $300 billion to the tax bill's costs.

(Copyright © 2015. All Rights Reserved.)
 
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