• Senate delays tax bill vote as setback hits in final hours

    1 Dec 2017 | Economic News

- Senate Republicans delayed voting on their tax bill as a setback forced them to patch up the plan only hours before a planned final vote.

- Senate Majority Leader Mitch McConnell said senators will rework the legislation with the next in a series of roll call votes set for 11 a.m. on Friday.

Senate Republicans delayed voting on their tax bill as a setback forced them to patch up the plan only hours before a planned final vote Thursday night.

Senators will rework the legislation through the evening with the next in a series of roll call votes set for 11 a.m. on Friday, Senate Majority Leader Mitch McConnell said. Republicans had previously hoped they could pass a plan by late Thursday or early Friday.

A hiccup earlier Thursday left the GOP scrambling to tweak its bill and win over skeptical senators. The delay does not necessarily mean Republicans will lack the votes to pass the legislation on Friday.

It does, however, add more uncertainty to Republicans' push to overhaul the American tax system by the end of the year.

The Senate parliamentarian ruled Thursday that a fiscal "trigger," important to winning deficit-wary Sen. Bob Corker's support for the GOP plan, will not work under Senate rules. Republican senators are now looking to find new ways to address the concerns of Corker, a so-called deficit hawk Republican from Tennessee.

Lawmakers are weighing whether to make corporate tax cuts in the plan expire in year six or seven, Reuters reported, citing a Republican senator and an aide.

As the bill stands, it makes many individual tax cuts expire within a decade to comply with budget rules. The corporate tax rate reduction to 20 percent from 35percent was expected to be permanent.

If the Senate passes its bill, lawmakers then plan to go to a conference committee with the House. The chambers will have to strike an agreement on a final bill.

Both the House and Senate would have to approve the new legislation to send it to President Donald Trump for his signature.

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