GOP-led Senate approves major tax reform

OMB's Mulvaney on Health Bill Taxes and Yellen

OMB's Mulvaney on Health Bill Taxes and Yellen

Still, Trump made clear his preference for a bipartisan tax bill while meeting with members of the Senate Finance Committee from both parties on Wednesday, Republican Senator John Cornyn told reporters.

But before giving final approval, senators had to go through vote-a-rama, a typically annual ritual when senators can offer an endless number of amendments.

For instance, progressive Sen.

The U.S. Chamber of Commerce is planning on ratcheting up its pressure on Senator Rand Paul following the Kentucky lawmaker's vote against the budget.

It's possible the Senate and House GOP will need to come to conference to reconcile their bills, but many Republican representatives simply want to pass the budget plan so they can get to tax reform.

- Donald J. Trump (@realDonaldTrump) October 20, 2017.This now allows for the passage of large scale Tax Cuts (and Reform), which will be the biggest in the history of our country! He objected to a provision to raise military spending by $43 billion, and also broke with his party by voting with Democrats against an amendment to reduce the state and local tax deduction, which could raise tax bills for some.

Democrats had planned to focus on four key tax-reform topics meant to make Republicans cast politically awkward votes: tax cuts for the wealthy, tax increases for the middle class, reductions to Medicare and Medicaid spending, and increases to the budget deficit.

Political pressure is on the GOP leaders' side: Republicans can not cut taxes without first passing the budget resolution, giving them a strong incentive to support it.

Tax reform is also politically critical for Republicans especially after the failure of health care reform.

Senate Minority Leader Chuck Schumer, D-New York, said his party planned to offer fewer amendments than in past years and focus on the emerging GOP tax overhaul, which they argue will give big tax breaks to the wealthy at the expense of the middle class. "We have a once-in-a-lifetime opportunity to replace a failing tax code that holds Americans back with one that actually works for them", Senate Majority Leader Mitch McConnell, R-Ky., said following the 51-49 vote.

Several Republican amendments were adopted with broad support. Sen.

The budget resolution would allow the GOP tax proposal to add as much as $1.5 trillion to the deficit over 10 years. It failed 52-48. Without Cochran, Republicans would have been able to lose only one vote.

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