Today In Washington
November 30, 2017
Source: AEO Government Relations Team, Madison Services Group
Tax Reform: Vote-O-Rama!
Yesterday, the Senate began 20 hours of debate on the “Tax Cuts and Jobs Act,” providing a clearer picture of what wavering GOP Senators need to see before they can offer their full support for the measure. An amendment aimed to satisfy Senators Ron Johnson (R-WI) and Steve Daines (R-MT) would raise the deduction for pass-throughs from 17.4% to 20%. Senator Susan Collins (R-ME), is urging the Senate to model its individual State & Local Tax (SALT) provision on the House bill. As a reminder, the House repealed all individual SALT deductions with the exception of property taxes, capped at $10,000; the Senate bill repeals individual SALT deductions entirely.
To satisfy deficit hawks, Senate Finance Chair Orrin Hatch (R-UT) stated that a trigger that automatically raises some taxes if revenue targets are not met is likely to be included in the bill. It is not yet clear what that trigger will look like, or which taxes it will raise. Senators Marco Rubio (R-FL) and Mike Lee (R-UT) have offered an amendment that will raise the corporate tax rate from 20% to 22% to pay for a boost in the Child Tax Credit. The prospects for this particular amendment are unclear, as President Trump is strongly opposed.
At 10:30 a.m., the Senate will continue debate, with a vote-o-rama likely this afternoon or early evening. You can watch the Senate debate here.
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