The Senate Finance Committee Has Approved Its Own Tax Plan, Setting The Stage For A Post-Thanksgiving Debate

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The much-criticized Republican tax plan crept closer to reality on Thursday when the House GOP passed their version of the tax plan that calls for $1.5 trillion in cuts over ten years and a reduction in the corporate tax rate (but leaves many filers in high-tax states with an increase). Following the House’s vote, the GOP-controlled Senate Finance Committee voted to advance their version of the tax plan (along party lines), clearing the way for the entire Senate to debate the bill — which would raise taxes for all Americans by 2027, according to congressional analysis — after Thanksgiving.

However, the Senate’s bill is far from a sure thing. The Republican majority in the Senate is much narrower, meaning they can only avoid two defections if all of the Democrats vote no:

Republican lawmakers must also find a way to bridge the big differences between the two bills, a hurdle given the varied priorities of lawmakers in the two houses. For instance, the Senate bill makes the individual income tax cuts temporary and delays implementation of the corporate tax cut by one year. It also includes the repeal of an Affordable Care Act provision requiring that most people have health insurance or pay a penalty.

If the debate ends up anything like the committee debate, which featured a shouting match between chairman Orrin Hatch and Ohio’s Sherrod Brown, Republicans could face an uphill battle.

(Via New York Times)