After working furiously for the past week to combine the House and Senate tax reform measures that both had passed, Senators Marco Rubio and Mike Lee said they would not support the bill, and Sen. Bob Corker said he was sure he could support it, so the joint group went back to work to make the necessary revisions to win the support of Rubio and Corker.
With their support in the Senate, Republicans say they have enough votes to pass the massive tax reform bill. Vice President Mike Pence delayed an overseas trip to make sure he was here in case it was tie vote and his vote was necessary to break the tie.
(Fox News) – Congressional Republicans unveiled the most sweeping overhaul of the nation’s tax code in three decades Friday evening with an eye toward final passage next week after two key GOP senators endorsed the legislation.
“This is happening. Tax reform under Republican control of Washington is happening,” House Speaker Paul Ryan, R-Wis., told rank-and-file members in a conference call. “Most critics out there didn’t think it could happen. … And now we’re on the doorstep of something truly historic.”
The final version of the so-called Tax Cuts and Jobs Act keeps seven tax brackets, but reduces rates for five of them. The new rates start at 10 percent and rise to 12, 22, 24, 32, 35 and 37 percent. The corporate tax rate is reduced from 35 percent to 21 percent and the bill provides sweeping tax deductions to other businesses, lowering their top effective tax rate to about 30 percent instead of 39.6 percent…
No Democrats are expected to vote for the tax reform on Tuesday in hopes of giving the American people an economic tax gift for Christmas. Democrats still claim the bill favors the wealthy and corporations, but they fail acknowledge that the corporations employ millions and based on history, when they get tax breaks, they regularly use it to either hire more people or give raises to their employees, which in turn results in more spending and more taxes being paid.