Senate Republicans Postpone Vote on US Tax Overhaul


Senate Republicans Postpone Vote on US Tax Overhaul

The legislation still has to be reconciled with the U.S. House of Representatives' version of the bill passed on November 16.

Trump's suggestion of a higher corporate tax rate than what has been included in legislation approved by the House and Senate represented an about-face after the president and administration officials maintained a hard line that a corporate rate higher than 20 percent was a nonstarter. She said she anxious that repealing this fee would drive up insurance premium costs, canceling out gains from tax cuts that many constituents might get from the bill.

Presiding over the Senate, Vice-President Mike Pence declared the 51-49 victory to applause from Republicans in the early hours of Saturday morning.

The measures were passed despite the non-partisan Senate Joint Committee on Taxation warning on Thursday that the bill would add significantly to the federal deficit over a decade. Another option would be to cut the corporate tax rate from 35 percent to 20 percent but then have that rate climb incrementally in later years, The Wall Street Journal reported.

"The [JCT] score ends the fantasy about magical growth, about unicorns and growth fairies showing that tax cuts pay for themselves", Democratic Senator Ron Wyden of OR said. "We'll see what ultimately comes out".

Some Democrats agreed that US corporate taxes should be lowered, but insisted the Republican plan goes too far and would eventually trigger painful cuts to federal programs that benefit the poor and elderly in the future.

"You complain about process when you're losing", Senate Majority Leader Mitch McConnell said of Democratic objections. The bill was also overwhelmingly unpopular in US opinion polls leading up to the vote. According to the non-partisan Congressional Budget Office, scrapping the mandate would push up insurance premiums and lead to 13 million people losing cover by 2027.

Independent Senator Bernie Sanders was among the most vocal critics, declaring during the debate that the American treasury was "being looted".

As Senate and House leaders negotiate a final package, House leaders are considering keeping a version of the deductions in order to get the state's Republican members on board for a final vote.

He brushed aside complaints that it was pushed through without proper scrutiny, saying: "Everybody had plenty of opportunity to see the measure". "And that's what you heard on the floor tonight".

She promised to leave United States if Trump won and she's still here Scalise responds to Rosie calling him a "f--ing liar": "Bless your heart" Scalise on taxes: "All the rates are going to go down" MORE (R-La.) said Sunday the House and Senate are "pretty close" on the key aspects of each chambers' tax bill, despite what he acknowledged are "significant" differences. Republicans celebrated the step forward, saying that the bill will help to reinvigorate the USA economy. They also found that while most would see a tax cut in the initial years of the legislation, many would see little change or an increase over time.

"I am not able to cast aside my fiscal concerns and vote for legislation that. could deepen the debt burden on future generations", he said.



© 2015 Leader Call. All Rights reserved.