Tax bill likely to pass after Collins backs it
Nonpartisan study finds all will see savings in ’18
WASHINGTON — Sen. Susan Collins, R-maine, said Monday she’d support the Republican tax bill, meaning all voting Republicans are expected to back it. That would be enough for passage. Sen. John Mccain, R-ariz., is at home battling brain cancer and is expected to miss the vote.
The GOP controls the Senate 52-48.
A study by the Tax Policy Center, a private nonpartisan group, found that individual taxes under the bill would be reduced on average next year by $1,600.
But that ranged on average from $60 for people earning below $25,000 to $7,640 for those making above $149,000. Those in the top 1 percent, earning more than $733,000, would see average tax cuts of $51,140.
But Congress’ nonpartisan tax analyst estimated Monday that the tax bill would mean average initial tax cuts for Americans across all income lines, but by 2027, it would boost average levies for everyone earning up to $75,000, which includes most taxpayers.
The projection seemed unlikely to have any impact on the fate of the legislation, which was expected to win House approval Tuesday.
Senate passage was likely by Wednesday.
The Joint Committee on Taxation calculated that in 2019, people earning $20,000 to $50,000 would see tax cuts averaging 10 percent or more. Those making $200,000 to $1 million would see reductions averaging slightly less.
But by 2023, people making under $30,000 would see tax increases, while those earning more would see their tax cuts get smaller.
Republicans ended the individual tax cuts in 2026 to conform to Senate rules that require the measure to limit the federal debt increases it would cause. GOP lawmakers have said they would expect a future Congress to continue the tax cuts.