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Republicans expect to pass tax bill to benefit wealthy Americans this week John McCain will not vote on Republican tax cuts this week – report
(about 1 hour later)
Top Republicans said on Sunday they expected Congress to pass a tax code overhaul this week, with a Senate vote as early as Tuesday and Donald Trump aiming to sign the bill by the end of the week. John McCain will not cast his vote on the Republican tax overhaul this week, it was reported on Sunday.
John Cornyn, the No2 Republican in the Senate, told ABC’s This Week he was “confident” the Senate would pass the legislation, “probably on Tuesday”. CBS News said the Arizona senator was heading home to spend the holidays with his family, after spending several days in hospital in Maryland because of side effects from his treatment for glioblastoma, an aggressive form of brain cancer.
Kevin Brady, the House of Representatives’ top tax writer, said he believed his party had the votes to pass the bill. John Cornyn, the No2 Republican in the Senate, earlier told ABC’s This Week he was “confident” the Senate would pass the tax cuts, “probably on Tuesday”.
Ben Domenech, a conservative writer who is McCain’s son-in-law, told CBS Face the Nation on Sunday the 81-year-old was “in good spirits”.
“I’m happy to say that he’s doing well,” Domenech said. “The truth is that as anyone knows whose family has battled cancer or any significant disease that oftentimes there are side effects of treatment that you have. The senator has been through a round of chemo and he was hospitalized this week at Walter Reed.”
Trump called Cindy McCain, the senator’s wife, on Friday, the White House said. McCain and Trump have often been at odds since Trump criticised McCain for being captured during the Vietnam war.
Earlier this year, McCain made a dramatic return from cancer treatment to cast a vote that helped defeat Republican healthcare repeal. However, he supported the tax bill that was pushed through the Senate despite Democratic protests.
Without other absences or defections, McCain’s absence would not put the bill agreed by House and Senate negotiators in danger. The GOP holds a 52-48 balance in the Senate, where the Democrat Doug Jones has not been seated since his shock win in the Alabama election. The Republican appointee Luther Strange remains in place.
Potential Senate rebels came onside on Friday. Marco Rubio of Florida was satisfied on the issue of child tax credits. The self-professed budget hawk Bob Corker reversed his earlier opposition to a bill which independent analyses have said will add at least $1tn to the national debt over a decade.
Corker told the International Business Times on Saturday he did not read the bill before he announced he would back it.
On Sunday, Cornyn told ABC a provision added to the bill in conference that would likely be of financial benefit to Corker, Donald Trump and other wealthy Republicans was added as part of the attempt to “cobble together the votes we needed to get this bill passed”. Corker told the IBT he had not been aware of the provision when he changed his vote.
Kevin Brady, the House of Representatives’ top tax writer, said he believed his party had the votes to pass the bill and get it to Trump’s desk before the end of the week.
“I think we are headed – the American people are headed – for a big win on Tuesday,” Brady told Fox News’ Sunday Morning Futures with Maria Bartiromo. “We’ve worked hard to make sure that those strange Senate rules don’t hang this up in any way. I am confident that’s the case.”“I think we are headed – the American people are headed – for a big win on Tuesday,” Brady told Fox News’ Sunday Morning Futures with Maria Bartiromo. “We’ve worked hard to make sure that those strange Senate rules don’t hang this up in any way. I am confident that’s the case.”
If passed, the bill would be the biggest US tax rewrite since 1986 and would provide Republicans and Trump with their first major legislative victory since they took control of the White House in January, in addition to Congress. If passed, the bill would be the biggest US tax rewrite since 1986 and would provide Republicans and Trump with their first major legislative victory since they took control of the White House.
Democrats have been unified against the measure, calling it a giveaway to corporations and the rich that would drive up the federal deficit. The tax bill is expected to add at least $1tn to the $20tn US national debt over 10 years, even after accounting for any economic growth it might spur, according to independent government analyses. Democrats have been unified against the measure, calling it a giveaway to corporations and the rich that would drive up the federal deficit. The bill would cut the corporate income tax rate to 21% from 35% and create a 20% income tax deduction for owners of “pass-through” businesses, such as partnerships and sole proprietorships – the provision which will benefit Corker.
The bill would cut the corporate income tax rate to 21% from 35% and create a 20% income tax deduction for owners of “pass-through” businesses, such as partnerships and sole proprietorships. Asked on ABC if that provision had been included specifically to win the Tennessee senator’s support, Cornyn said: “Well, the particular provision you’re talking about, honestly, is just one piece of a 1,000-page bill which is going to grow the American economy.”
It would offer a mixed bag for individuals, including middle-class workers, by roughly doubling a standard deduction that does not require itemization but eliminating or scaling back other popular itemized deductions and exemptions.
The bill would maintain seven individual and family income tax brackets but cut rates. Highest-earning Americans would pay 37%, down from 39.6%.
Most individual provisions, including the lower tax rates, are temporary and would expire, while the corporate rate cut and other business provisions would be permanent.
Stock markets have been rallying for months in anticipation of sharply lower tax rates for corporations, with Wall Street’s three major equities indexes closing at record highs on Friday.Stock markets have been rallying for months in anticipation of sharply lower tax rates for corporations, with Wall Street’s three major equities indexes closing at record highs on Friday.
Treasury secretary Steven Mnuchin told CBS’s Face the Nation that Trump expected to realize his goal of signing the tax bill before Christmas. Treasury secretary Steven Mnuchin told CBS: “This is a historic event. People said we wouldn’t get this done. We’re on the verge of getting this done.”
“This is a historic event,” Mnuchin said. “People said we wouldn’t get this done; we’re on the verge of getting this done.” Mnuchin also told CNN’s State of the Union Trump had not spoken falsely when he said in September, “the rich will not be gaining at all with this plan”.
The Vermont independent senator Bernie Sanders told the same network the bill was “a real massive attack on the middle class”. Mnuchin said “the president was right. There are people who are rich people that are having their taxes going up.”
The Vermont independent senator Bernie Sanders told CBS the bill was “a real massive attack on the middle class”.