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| Republicans Nearing Agreement on Final Tax Bill | Republicans Nearing Agreement on Final Tax Bill |
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| WASHINGTON — Republicans lawmakers in the Senate and House said on Tuesday that they are coalescing around a unified tax plan and are aiming to pass a final bill as early as next week. | WASHINGTON — Republicans lawmakers in the Senate and House said on Tuesday that they are coalescing around a unified tax plan and are aiming to pass a final bill as early as next week. |
| Senator John Cornyn of Texas, the No. 2 Senate Republican, said House and Senate negotiators were making progress in their effort to agree on a final tax bill, and he said a deal could be reached as soon as later Tuesday. | Senator John Cornyn of Texas, the No. 2 Senate Republican, said House and Senate negotiators were making progress in their effort to agree on a final tax bill, and he said a deal could be reached as soon as later Tuesday. |
| “We don’t have it right this minute, but we’re getting closer,” Mr. Cornyn said shortly before lunchtime. “We’ve Ping-Ponged a number of offers and counteroffers back and forth.” | “We don’t have it right this minute, but we’re getting closer,” Mr. Cornyn said shortly before lunchtime. “We’ve Ping-Ponged a number of offers and counteroffers back and forth.” |
| The movement toward a final agreement comes as the bipartisan conference committee is scheduled to hold its one public meeting, on Wednesday afternoon. While the public hearing will give Republicans and Democrats a final chance to publicly debate the merits of a $1.5 trillion tax cut, it is not expected to alter the trajectory of the bill or its details. | The movement toward a final agreement comes as the bipartisan conference committee is scheduled to hold its one public meeting, on Wednesday afternoon. While the public hearing will give Republicans and Democrats a final chance to publicly debate the merits of a $1.5 trillion tax cut, it is not expected to alter the trajectory of the bill or its details. |
| “We look forward to scheduling this bill after they’re done with their work, posting it, giving it the appropriate time so everyone can read it, and pass it, sending it to the president’s desk,” said Representative Kevin McCarthy, Republican of California and the House majority leader. | |
| Republicans are speeding ahead with the legislation despite criticism from Democrats that the bill hurts the middle class, benefits the rich and creates a raft of new loopholes that corporations and wealthy Americans can exploit. A special election for Senate in Alabama has added to the pressure, as polls show that Doug Jones, a Democrat, has a chance to beat Roy Moore, a Republican judge who has been accused of child molestation. If Democrats are able to flip the seat, the narrow Republican majority in the Senate would fall to 51-49. | Republicans are speeding ahead with the legislation despite criticism from Democrats that the bill hurts the middle class, benefits the rich and creates a raft of new loopholes that corporations and wealthy Americans can exploit. A special election for Senate in Alabama has added to the pressure, as polls show that Doug Jones, a Democrat, has a chance to beat Roy Moore, a Republican judge who has been accused of child molestation. If Democrats are able to flip the seat, the narrow Republican majority in the Senate would fall to 51-49. |
| House and Senate Republicans have been working behind closed doors to hash out the final details of the tax plan and they hope to hold a vote next week. Republican leaders want to finalize a consensus bill within the next few days, and release its text on Friday. If all goes according to plan, the Senate would take the bill up on Monday and the House would follow on Tuesday or Wednesday. | House and Senate Republicans have been working behind closed doors to hash out the final details of the tax plan and they hope to hold a vote next week. Republican leaders want to finalize a consensus bill within the next few days, and release its text on Friday. If all goes according to plan, the Senate would take the bill up on Monday and the House would follow on Tuesday or Wednesday. |
| The big remaining sticking points include whether to retain the House bill’s cap on the mortgage interest deduction, whether to scrap or keep the corporate alternative minimum tax and how low to set the corporate tax rate. | The big remaining sticking points include whether to retain the House bill’s cap on the mortgage interest deduction, whether to scrap or keep the corporate alternative minimum tax and how low to set the corporate tax rate. |
| Among the most politically sensitive lingering issues is how to treat the state and local tax deduction, known as SALT, which is capped at $10,000 in property taxes in both the House and Senate bills. Lawmakers have been working through possible compromises that would let people continue to deduct a certain amount of property or income taxes, but Republicans still run the risk of raising taxes on broad swaths of middle-income constituents. | Among the most politically sensitive lingering issues is how to treat the state and local tax deduction, known as SALT, which is capped at $10,000 in property taxes in both the House and Senate bills. Lawmakers have been working through possible compromises that would let people continue to deduct a certain amount of property or income taxes, but Republicans still run the risk of raising taxes on broad swaths of middle-income constituents. |
| Lawmakers must keep the cost of the bill to $1.5 trillion if they are to pass it along party lines. Scaling back the SALT deduction appears to be a risk some are willing to take. | Lawmakers must keep the cost of the bill to $1.5 trillion if they are to pass it along party lines. Scaling back the SALT deduction appears to be a risk some are willing to take. |
| “Will there be some outliers who pay more in taxes? Yes,” Senator Patrick J. Toomey, Republican of Pennsylvania, said on CNBC on Tuesday. “There are some people who will pay more because they live in very high-tax jurisdictions.” | |
| This week, several independent “dynamic” scores of the tax bills, which include the potential revenue-raising effects of economic growth, found that the proposed legislation would still add to the deficit after a decade. | This week, several independent “dynamic” scores of the tax bills, which include the potential revenue-raising effects of economic growth, found that the proposed legislation would still add to the deficit after a decade. |
| The Treasury Department released a one-page study on Monday that showed the tax plan more than paying for itself, but only if economic growth averages 2.9 percent a year over the next 10 years and if other economic policies proposed by the Trump administration are enacted. Most mainstream economists think that such a high rate of economic growth is not possible. | The Treasury Department released a one-page study on Monday that showed the tax plan more than paying for itself, but only if economic growth averages 2.9 percent a year over the next 10 years and if other economic policies proposed by the Trump administration are enacted. Most mainstream economists think that such a high rate of economic growth is not possible. |
| While the report was criticized by many tax experts as unrealistic, Speaker Paul D. Ryan praised the Treasury Department’s analysis on Tuesday. | While the report was criticized by many tax experts as unrealistic, Speaker Paul D. Ryan praised the Treasury Department’s analysis on Tuesday. |
| “I think that estimate makes a lot of sense,” Mr. Ryan said, arguing that the economic models used by the nonpartisan Joint Committee on Taxation were less reflective of reality. | “I think that estimate makes a lot of sense,” Mr. Ryan said, arguing that the economic models used by the nonpartisan Joint Committee on Taxation were less reflective of reality. |
| Meanwhile, Democrats have been assailing Republicans for recklessly adding to the debt. | Meanwhile, Democrats have been assailing Republicans for recklessly adding to the debt. |
| Senator Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee, dismissed the study as a political document. | Senator Ron Wyden of Oregon, the top Democrat on the Senate Finance Committee, dismissed the study as a political document. |
| “It’s no more than a thinly veiled attempt by the Trump administration to cover up an economic agenda that showers corporations with goodies while taking money and health care away from those who need it most,” Mr. Wyden said. | “It’s no more than a thinly veiled attempt by the Trump administration to cover up an economic agenda that showers corporations with goodies while taking money and health care away from those who need it most,” Mr. Wyden said. |