President Donald Trump has put the pressure on Congress, specially Republicans, to pass a tax reform bill which he is promising as a Christmas gift to the American people. The House has passed their version while the Senate is still debating on their version, as usual.
Two weeks ago, it did not seem that Senate Republicans had enough votes to pass their version of tax reform with one of the problematic provisions being the repeal of the Obamacare individual mandate. However, at least one of the dissenting GOP senators have come out in favor of the measure including the repeal of the individual mandate.
(Bloomberg Politics) – Republican lawmakers are scrambling to lock up the votes need to finalize a tax bill that can make it to President Donald Trump’s desk by the end of the year, days before the Senate prepares to debate its version.
“I hope we can get it done by Christmas,” Senator Tim Scott of South Carolina said Sunday on ABC’s “This Week.” “If not, we’ll be here through Christmas, looking at the end of the year.”
Republican leaders in the Senate plan a make-or-break floor vote on their bill as soon as Nov. 30. Democrats are expected to try to delay or derail the measure, and Republicans must hold together at least 50 votes from their thin, 52-vote majority in order to prevail.
Senator Lindsey Graham said on CNN’s “State of the Union” that he thinks Republicans will have the votes.
“What they are concerned about is that the personal tax cuts expire in 2025, and that’s a bit of a gimmick. But we will get there, because failure is not an option when it comes to the Republican Party cutting taxes,” Graham said…
Note that the many criticisms about increasing the national debt are based upon assumptions that increased spending, more jobs, more manufacturing will not result in additional taxes to make up the difference, yet that’s exactly what happened when President Ronald Reagan cut taxes. Democrats think that just cutting taxes is the only thing that will happen, but they often deny history and strong economic principles.