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All in a Late Night’s Work: Senate Passes Tax Bill

At approximately 2:00 a.m. on Saturday morning, the Senate passed its tax reform bill with a vote of 51-49. Changes to the bill, including some handwritten into the document, were made leading up to the final vote. The only Republican to vote against the bill was Senator Bob Corker who has continued concerns regarding the estimated $1+ trillion deficit over the next 10 years. Corker...

Senate May Vote on Its Tax Reform Bill as Early as Thursday, but There Are Hurdles to Overcome

At least a half dozen Republican senators have shown concern about the Senate version of the Tax Cuts and Jobs Act, threatening the passage of the bill by the end of this year. The bill, passed out of the Senate Finance Committee on November 17, faces its next major hurdle from the Senate Budget Committee who will meet Tuesday, November 28, to add a revenue-raising measure allowing...

McCain Announces Support for Budget Resolution

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...

Senate Republicans to Vote on Fiscal Year 2018 Budget

Senate Republicans anticipate voting on the fiscal year 2018 budget this week, allowing their tax plan to add up to $1.5 trillion to the deficit over the next ten years.  The resolution will also contain provisions allowing the GOP to pass the tax reform bill, promised to be brought to the floor by year’s end, by a simple majority and avoid a Democratic filibuster in the Senate.  While...

Congressional Republicans Undecided on Border Adjustment Tax

Despite support from Ways and Means Committee Chairman Kevin Brady, Paul Ryan’s proposed border adjustment tax appears to lack support among rank and file House Republicans, raising serious questions as to the likelihood of passage.  Even if the bill manages to garner the necessary votes to pass the House, Sen. Lindsey Graham has said that the legislation...