GOP/TAXES: “Senate Republican leaders said they were poised to pass their tax bill as soon as today after a flurry of late deal-making won over wavering senators.
Sens. Ron Johnson (R., Wis.) and Steve Daines (R., Mont.) backed the bill after securing larger tax cuts for pass-through businesses such as partnerships and S corporations.
Sen. John Cornyn (R., Texas) said Republicans have the 50 votes they will need to pass the bill and Sen. Bob Corker (R., Tenn.), a possible no vote, said the bill will probably pass.
Republicans haven’t released the details or scheduled a vote.
Mr. Johnson and Mr. Daines had earlier stopped short of offering their support for the tax bill, holding out for better treatment for ‘pass-through’ entities like partnerships and limited liability companies that pay taxes through returns of individual owners. Under an agreement reached with Senate Republican leaders, pass-throughs that qualify for the special treatment will now have a top rate of just under 30%.
Their plans to vote for the tax bill were outlined by aides to both men. It isn’t the final word, and Republicans are still negotiating with deficit hawks including Sens. Corker and Jeff Flake (R., Ariz.) for a way to rein in deficit, as well as Susan Collins (R., Maine), who has been optimistic about coming around to the bill, but who has some demands that need to be satisfied.”
-Siobhan Hughes, Richard Rubin, and Kristina Peterson, “GOP Says It Has Enough Votes to Pass Senate Tax Bill,” The Wall Street Journal online, Dec. 1, 2017 10:50am