The US Senate Republicans on Friday were looking to add a tax increase to the legislation that will mean cutting down taxes on businesses and individuals. The move is to win the support from fiscal conservatives who might be worried about the impact that it will make the federal deficit.
With the 20 hours of mandatory debate ending, the Republican lawmakers might want to move towards a final vote at the end of the day after the vote starts at 11 am EST and also on other tax bill amendments that are offered by both Republicans and Democrats. The Republicans are still discussing on how to raise $350 billion or more in taxes in a decade to allow them to prevent them from increasing their federal deficit in case the proposed cuts failed to generate the economic growth expected.
Senate Republican leader Mitch McConnell and others are also working on ways to win the support of other party members to help bring about better tax breaks for the non-corporate businesses, better child tax credit for families and also a $10,000 deduction for the state and local property taxes. The Republicans are optimistic that they should be able to get approval for the bill within this week and also agree this month final legislation.
Senator Johnny Isakson of Georgia said that they have a chance to do something good and they want to try to do it. Ever since President Donald Trump and the Republican-led Congress took office in January, they have not passed any major legislation. If the bill is passed, it would be the biggest overhaul that the US tax system has seen since the 1980s.
Republicans will look to be successful to increase their prospects for the November 2018 elections to be in the forefront of the Senate and the House of representatives. But these efforts stumbled on Thursday as the Senate rules would not allow them to add any tax increase in the coming years if the new bill does not increase the economy and generate enough revenue that will allow paying for the tax cuts.
Senator Bob Corker and other Republicans remain concerned about the deficit impact in exchange for the support. They are now looking at other options that will help them raise taxes in the next decade. While it may not be easy to do but they need to start somewhere. Democrats, on the other hand, said that the bill is a giveaway to the large corporations and the wealthy.