The Hill’s Morning Report: Dems to hold vote on tax bill
Republicans will hold a vote Wednesday on a tax bill that they say will pay for the cost of their tax cuts.
| POLITICO pic.twitter.com/ePXj5wK8Qg— The Hill (@thehill) December 20, 2018 The Senate Finance Committee will hold its first vote Wednesday morning on the Senate GOP’s tax bill, the Finance Committee announced Thursday.
The vote on the legislation is expected to take place in the evening.
It’s not yet clear if the legislation will pass the House of Representatives, where Democrats hold a majority.
Republicans are hoping to avoid a government shutdown by passing a bill with a lower tax rate than the House’s.
The measure would also cut taxes for the middle class, reduce taxes for businesses, and extend the child tax credit.
The legislation would lower the corporate tax rate to 20% from 35%.
A vote is expected Wednesday on the GOP’s bill, which would reduce taxes on individuals and businesses, expand the child credit, and increase the standard deduction.
House Speaker Paul Ryan (R-WI) said on Twitter Thursday that the bill will be the “greatest economic stimulus since World War II.”
“I believe it will be a great stimulus, and the American people will be very proud of this bill,” Ryan said.
Senate Majority Leader Mitch McConnell (R) said Thursday he plans to meet with his caucus Wednesday afternoon to discuss the bill.
McConnell said he will also meet with Speaker Paul D. Ryan (D-WI).
Senate Finance Chairman Ron Wyden (D) said that Republicans are working on a version of the tax plan that would lower taxes for middle-income Americans and increase taxes for corporations.
Wyden said that “some of the Republicans who are opposed to the tax cuts are really going to be the ones who pay the tax increases, and that’s where I’m going to go with this.
I’m not going to have them vote against this bill.”
The legislation would reduce the corporate income tax rate from 35% to 20%, and it would also reduce the estate tax rate for estates of $5.45 million or more to $1 million.
It would also lower the standard tax deduction for individuals to $10,000 from $12,000.
The House passed the House version of its tax bill last week, but Senate Finance Chairman Orrin Hatch (R), who is the Senate’s senior Republican, said it would not go to the Senate floor.