Congress Makes Deal for Final Tax Cut Vote
It appears we’ve got a deal on the comprehensive tax reform package currently being negotiated by the House and Senate.
The two bodies are working together to reconcile the bill before it goes back to their respective chambers for another vote. Republican leadership is looking to get the bill to President Trump’s desk by the end of the year.
According to two GOP aides, Republicans struck a deal in principle that will meld together the House and Senate tax deals and put the parties on a path to vote as soon as next week. Aides say there are still smaller issues to work out, but Senate Republicans will discuss remaining issues at their conference-wide lunch Wednesday and see how their rank-and-file members react.
Lawmakers have been working for more than a week to find a way to combine two very different tax bills.
The deal comes after members have been working for more than a week to find a way to combine two very different tax bills.
Republican negotiators as of Tuesday evening were looking to drop the corporate tax rate from 35% to 21%, a slight uptick in the 20% rate lawmakers had once aimed for. Sources also told CNN Tuesday evening that negotiators were likely to fully repeal the corporate alternative minimum tax, a tax the Senate bill had preserved because of Senate rules requiring the tax bill only add so much to the deficit. The hybrid bill was also expected to repeal the Affordable Care Act’s individual mandate to have health insurance and cap the mortgage interest deduction at $750,000.
These reports were confirmed by sources to RedState, as well.
This would be a huge legislative win for the Republicans – something they desperately need, amid concerns that, even when they have the White House and complete control of Congress, they are unable to effectively govern.
Democratic leaders are upset because of what they deem as a lack of reaching across the aisle to work with their caucus. However, if the Republicans think they have the votes, they will push forward.