Senate Budget Committee sends tax bill to floor for vote

  • Senate Budget Committee sends tax bill to floor for vote

Senate Budget Committee sends tax bill to floor for vote

He wants further cuts for "pass-through" businesses that do not directly pay income taxes but instead send their earnings to their owners to be taxed as individual income. Republicans maintain that gap would be narrowed by additional economic growth.

The national debt has now topped $20 trillion, and several Republican senators have expressed concerns about more debt piling up as a result of the tax overhaul.

The group discussed a slew of changes to the bill, including a "fiscal trigger", adjustments to the state and local tax deduction repeal, and a follow-up bill for Obamacare.

The committee voted 12 to 11 to advance the bill.

President Donald Trump and Senate Republicans are scrambling to change a GOP tax bill in an effort to win over holdout GOP senators and pass a tax package by the end of the year.

The vote came hours after President Donald Trump had left the Capitol, where he attended a closed-door meeting with Senate Republicans and urged them to support the tax cut plan.

He said the bill would be modified to automatically raise tax revenues if growth targets were not reached.

The committee meeting was a dramatic moment for the bill, as the votes of at least two GOP senators were uncertain until they were cast.

But even as he meets GOP senators behind closed doors, his plans to choreograph the other half of a year-end political dance to fund the government and avoid a federal shutdown crashed to a halt.

"It's important not just to me, but numbers of members who want to make sure that, for some reason these projections are off. that we're not passing off increased debt to future generations", Corker said.

Republican Senator Susan Collins of ME has said she backs two provisions in the House bill - retaining an individual income tax deduction for state and local property taxes, capped at $10,000 a year, and keeping the existing top individual tax rate of 39.6 percent for those making $1 million or more.

Trump met at the White House with Ryan and McConnell, where he was upbeat about the prospects for the tax bill.

Senate Majority Leader Mitch McConnell (R-Ky.) could simply move to bring the legislation directly to the floor.

"We need an affirmative vote out of the budget committee", Sen.

Says Trump: "I don't see a deal!"

"Meeting with "Chuck and Nancy" today about keeping government open and working".

The Alexander-Murray bill has enough support in the Senate but has been blocked by GOP leadership.

"We're looking forward to finding common ground in conference, finalizing the details, and sending this historic legislation to the President by the end of the year", Brady said in remarks to the American Enterprise Institute. Collins said the Senate bill would be amended to allow homeowners to deduct up to $10,000 in property taxes, which is similar to a provision in the House-passed bill.