The Senate's passage of a $4 trillion budget blueprint late Thursday was hailed by the GOP and President Donald Trump as paving the way for a badly needed legislative triumph: tax reform with a hoped-for $1.5 trillion tax cut.
No question, USA tax code needs simplification and reform.
Here's what to know following the Senate's vote. The lower chamber could pass the blueprint as is early as next week since the urgency to move on to tax reform is felt by most of the Republican caucus.
"I applaud the Senate for passing a budget and appreciate adoption of a new Title 5 in the resolution to address the House's priorities", House Speaker Paul Ryan said. The gist: Simplify the code, and deliver the biggest tax cut in USA history to offer relief for the middle class and promote a strong business climate.
Republicans' budget is not a bad bill.
That approval paves the way for their tax-cut package, which would add up to $1.5 trillion to the federal deficit over the next decade in order to pay for the proposed cuts.
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Under the process of reconciliation, the GOP tax bill only needs a simple majority of 51 votes to clear the Senate chamber. Did Senator McCain vote for it?
The U.S. Chamber of Commerce is planning on ratcheting up its pressure on Senator Rand Paul following the Kentucky lawmaker's vote against the budget.
Sen. Susan Collins balked at tax cuts for the rich attached to the attempted Obamacare repeal, and two years ago, she was the only Republican senator to vote against a plan that would have led to the repeal of the estate tax.
Now, is this a good reason to vote against the budget resolution?
"I'm pretty certain not a single one of them thought the budget resolution was flawless, but they all found a way to move what Senator Paul says is an important priority", Bradley said, referring to other GOP senators. "The biggest, boldest cuts possible - and soon!" he wrote on Twitter Friday morning. They are the reason why we are in this fiscal mess in the first place. How many times do we have to try the same idea to realize that massive tax cuts for corporations and the wealthy don't translate into higher wages and better standards of living for the poor and middle class but instead massive deficits and widening inequality?
The ultimate goal for the GOP is to overhaul the US tax code system, which would be a much-needed victory for the party after numerous failed attempts at passing legislation earlier this year.
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