With a Consensus Tax Bill, Christmas May Come Early for Republicans
An agreement between Senate and House Republicans on a tax bill was finalized Wednesday morning. According to lawmakers and reports from aides, Senate and House Republicans have agreed to provisions including the following: • Corporate tax rate will drop from 35% to 21%, to go in effect in 2018. • Individuals will be allowed to deduct up to $10,000 in state and local taxes, split...McCain Announces Support for Budget Resolution
Posted on Oct 18, 2017 in News
Sen. John McCain buoyed GOP tax reform hopes by announcing his support for the Senate budget resolution, set for a vote later this week. Debate on the resolution began midday Tuesday following a 50-47 vote, split along party lines, to move the process forward. While Sen. John Thune expressed optimism toward passing the resolution, some Senate Republicans remain uncommitted, including...
Senators Corker and Toomey Reach Tentative Budget Resolution Deal
Posted on Sep 20, 2017 in News
Bob Corker and Pat Toomey, GOP members of the Senate Budget Committee, have reached a tentative agreement on a budget resolution that would allow for tax cuts that would significantly increase the deficit as determined using static scoring. While the Senators did not specify the size of the potential deficit increase, Senator Ron Johnson indicated that he would support an amount of at...
Congressional Republicans Frustrated by Lack of Tax Reform Detail
Posted on Sep 14, 2017 in News
With the vote for tax reform legislation looming, Congressional members of the GOP, including Freedom Caucus Chairman Mark Meadows, have expressed concern over the lack of clarity as to what the tax reform proposal is. Speaking anonymously, a member of the House Ways and Means Committee suggested that the lack of detail was either to prevent media leaks or because there is simply not...
Republicans Divided Between Tax Reform and Tax Cuts
Posted on Aug 11, 2017 in News
Facing a low presidential approval rating, failed health care reform, and impending midterm elections, the GOP wants to move quickly on tax legislation but is undecided on the actual package to present. Some Republicans support scaling back reform to focus on tax cuts, in the hope of avoiding drawn out negotiations over eliminating tax expenditures and closing loopholes. Other party...