Bad tax bill could get worse

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The report, combined with a ruling by the Senate parliamentarian that a "revenue trigger" sought by deficit hawks failed to comply with budget rules, raised fresh doubts about whether Republicans could muster the 50 votes they need to pass their tax bill.

Late Friday morning, with the fate of the GOP tax bill up in the air, Senate Majority Leader Mitch McConnell broke his usual tradition of strolling silently past reporters by issuing the single sentence: "We have the votes".

But since Republicans hold a 52-seat Senate majority, they can still pass the legislation, with Vice President Mike Pence breaking a tie, provided they lose no more than two votes.

As the Senate neared a momentous vote on the sweeping Republican tax bill, Senate Democrats mocked the almost 500-page printed text of the legislation - complaining it was given to them at the last minute before the vote. The measure focuses its tax reductions on businesses and higher-earning individuals, gives more modest breaks to others and offers the boldest rewrite of the nation's tax system since 1986. And it would increase a one-time tax on profits held overseas by US -based corporations.

Lawmakers would then try to reconcile the Senate package with one passed by the House in the hope of delivering a major legislative accomplishment to President Donald Trump by Christmas.

Unlike the House bill, for example, the Senate bill would end the insurance mandate at the core of the Affordable Care Act.

Another critical swing vote, GOP Sen.

The DACA "solution" is not, obviously, going to be in this tax bill.

Senate Republicans defeated a push by Senate Minority Leader Charles Schumer to delay consideration of the sweeping GOP tax bill until Monday.

The House bill, meanwhile, would tax the value of tuition waivers for graduate students employed as teaching and research assistants, dramatically hiking taxes on a modestly compensated workforce.

Sen. John Thune of South Dakota, the No. 3 Republican in the Senate, called the trigger "a work in progress" Thursday afternoon.

Again, McConnell's promise to Collins would nearly necessarily make the two health-care bills a subject for inclusion in spending legislation that is very much up in the air; there's no other vehicle in sight for "must-pass bills this year". "We have done it and we're ready to go", she said.

Under the bill, the corporate tax rate would be cut from 35 percent to 20 percent. Trump administration officials and many Republicans have insisted the bill would pay for itself by stimulating the economy.

But with Sens. Susan Collins (R-Maine), Ron Johnson (R-Wis.) and Flake now supporting the bill, McConnell is expressing confidence it will pass on Friday night.

Daines reached an agreement with leadership to raise the amount of pass-through income business owners can deduct. While the corporate cuts would be permanent, tax cuts for individuals would sunset in 2025 and taxes on some middle-class brackets would increase, according to the Joint Committee on Taxation.