Here’s what’s next for the GOP effort to overhaul the tax code.
Republicans are in a mad dash to get tax reform passed in the Senate this week and on President Donald Trump’s desk by Christmas.
The Senate’s tax plan passed out of the Budget Committee Tuesday evening, the last procedural step before coming to the Senate floor for a full vote. The proposal radically cuts corporate taxes, offers temporary tax cuts for individuals, and repeals Obamacare’s individual mandate, which is estimated to leave 13 million fewer insured by 2027. The House has already passed its own — very different — plan.
In the past, President Donald Trump has said he will sign “maybe the biggest tax cut we’ve ever had,” promised he will help the middle class, make the United States more competitive internationally, bring almost unprecedented economic growth in the years to come, and he’s promised to eliminate the federal debt in eight years while he’s at it.
But that’s not at all what this bill does. Instead, it’s just become a race to figure out what can get 51 votes in the Senate and 218 votes in the House to pass. There are a lot of procedural steps ahead, and the whole deal could fall apart at any juncture.
“When you have a very slim majority — three of four senators … control the destiny of tax reform and [that’s] just unacceptable for the American people,” Rep. Jim Renacci (R-OH), who sits on the tax-focused House Ways and Means and Budget committees, said.
But it looks like there is determination among Republican ranks to get this done. Here’s what they need to do to.
Part 1: pass the Senate’s bill
For the tax bill, the magic number in the Senate is 51. Like their strategy with Obamacare repeal, congressional Republicans are Read More Here