WASHINGTON — Congressional Republicans, buoyed by the Senate’s approval early Saturday of a landmark tax overhaul, expressed confidence that remaining laws can be despatched to President Donald Trump by the top of this month.
Whereas the tax payments authorised by the Home and the Senate diverge in vital methods, the identical forces that rocketed the measures to passage seem more likely to bond Republicans within the two chambers as they work to hash out the variations.
Republicans handed their sweeping tax overhaul by way of the Senate simply earlier than 2 a.m. Saturday, two weeks after the Home handed its personal measure. The Senate vote was fifty one-forty nine, with each Republican however one — Sen. Bob Corker of Tennessee — in favor. Senate leaders locked down the required votes Friday with little drama, after making concessions to a handful of wavering Republicans.
The plan to chop taxes by almost $1.5 trillion has flown via Congress within the month since a invoice was launched within the Home, with Republicans united of their perception within the financial energy of tax cuts and determined for a legislative victory to appease stressed marketing campaign donors and base supporters.
Throughout a information convention after the Senate vote, the bulk chief, Sen. Mitch McConnell, R-Ky., expressed little doubt that a consensus plan would quickly turn into regulation after a convention committee resolved the variations between the 2 payments. “This can be a nice day for the nation,” McConnell stated.
Trump echoed that optimism, writing on Twitter that “we’re one step nearer to delivering MASSIVE tax cuts” and that he seemed ahead to signing a remaining invoice earlier than Christmas.
The variations between the measures, although substantial, don’t seem troublesome sufficient to stop Trump from attaining that aim, which might be his first main legislative victory.
Among the many points that may have to be labored out: Beneath the Senate invoice, tax cuts for people would expire on the finish of 2025 to mitigate the losses in income, and the mandate that people acquire medical insurance beneath the Reasonably priced Care Act can be repealed. The Home invoice doesn’t have these provisions.
The 2 variations additionally make use of totally different strategies to attempt to forestall multinational corporations from shifting income out of America and into decrease-tax…