US Congress Haggles Over Final Tax Reform Compromises
Faizan Hashmi Published December 15, 2017 | 10:20 PM
The Republican majority of the US Congress on Friday put the finishing touches on its tax overhaul plan, though a handful of senators pushed for final concessions in exchange for their votes
Washington, (APP - UrduPoint / Pakistan Point News - 15th Dec, 2017 ) :The Republican majority of the US Congress on Friday put the finishing touches on its tax overhaul plan, though a handful of senators pushed for final concessions in exchange for their votes.
The House of Representatives and the Senate each adopted their own versions of the controversial tax code reform in recent months and are now working to harmonize the two projects. A draft outline of the compromise text that leaked this week saw the Federal corporate tax falling from 35 percent to 21 percent -- a notch up from the 20 percent in previous versions -- and the maximum income tax rate would drop from 39.6 percent to 37 percent.
But the final text, which both chambers should likely vote on early next week, has not been released by negotiators amid last-minute haggling. Florida Republican Marco Rubio this week raised eyebrows after vowing to vote no if his demand for the child tax credit to double to $2,000 is not met.
The senate has a majority of just 52 votes out of 100, and can only afford two defectors.
No Democrats currently support the measure. Each Republican member therefore has considerable power, especially with Senator John McCain hospitalized as he fights an aggressive form of brain cancer.
Should his return be delayed, prospects for the tax overhaul would narrow substantially. President Donald Trump however remained optimistic. "I think we are going to be in a position to pass something as early as next week, which will be monumental," he said on Friday.
He also hinted that Rubio's demand would be met. "We're putting in a tremendous child tax credit, and it is increasing on a daily basis," he said. Another lawmaker who has not confirmed his vote is Bob Corker, the only Republican senator who opposed the Senate's adoption of its first version December 2.
A fiscal hawk, Corker has denounced the national debt increase likely to result from the tax cut. Trump has promised Americans that the sweeping reform would pass before Christmas, so that its effects would start from the beginning of 2018.
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