Republicans reach deal on final tax legislation
Congressional Republicans have reached a deal on final tax legislation, the top Senate Republican tax writer said on Wednesday, an achievement that would clear the way for final votes in the Senate and House of Representatives next week.
“I think we’ve got a pretty good deal,” Senate Finance Committee Chairman Orrin Hatch told reporters as he prepared to join other Republicans for lunch with President Donald Trump.
Hatch declined to discuss details, but said he was confident the agreement would win enough votes for final passage. With their defeat on Tuesday in an Alabama special Senate election, Republicans were under increased pressure to complete their proposed overhaul of the US tax system as planned before Christmas and before a new Democratic Alabama senator is seated.
Hatch’s remarks appeared to reinforce expectations that a final vote could begin in the Senate as early as Monday.
Democrat Doug Jones’ capture of the Alabama Senate seat came hours ahead of a planned SenateHouse conference meeting capping days of closed-door discussions to nail down a final corporate income tax rate, a top rate for individuals and other details.
When Jones, who upset Republican Roy Moore in the deeply conservative Southern state, arrives in Washington, the Republicans’ already slim Senate majority will narrow to 51-49, further complicating Trump’s legislative agenda.
Fast action by Republicans on taxes would prevent Jones from upsetting the expected vote tallies on this bill since he will not likely be seated until late December or early January.
Senate Democratic Leader Chuck Schumer called on Republicans to delay a vote on overhauling the tax code for the first time in 30 years until Jones can be seated, but that was unlikely.
Before Hatch spoke, Republicans were trying to finalise details without increasing the legislation’s deficit impact. It is expected to add as much as $1.5 trillion to the $20-trillion national debt over the next decade.