Two versions of Republican tax bill emerge

Yawning divisions between the House, Senate and White House over reforms in tax which has raised doubts about whether Republicans will be able to achieve their most important political and policy priority before this year end. The Senate and the House are divided on some of the key issues which include the topmost tax rate and the timing of the rate of cut in corporate tax. They are also split at the odds with the president of the United States, Donald Trump in a number of areas. Very tough negotiation battles between GOP factions and an onslaught of lobbying are the loose wrists Republicans will have to run to get the legislation to the desk of Donald Trump by the end of this year and into their mailers & ads for the elections for the year 2018. The only thing that unifies the Republicans and makes the job easier than it might appear is the fear that they will have nothing to take into those contests after the failure of another marquee effort, replacing and repealing Obamacare.

House Speaker Paul Ryan and other leaders of the GOP used in thrashing the party that took place in Tuesday's election in Virginia as a warning to the rank and file that is pass tax reform or face the wrath of the Republican voters. Ryan told the reporters on Thursday that they are going to conference after the Senate uncovered its long - awaited plan and the House tax writers advanced theirs to the House floor. He said yes the Senate bill going to be different from the House bill because that is the only the legislative process.

The House Ways and Means Committee gave the approval to its bill on a party - line 24-16 vote and House Majority Leader Kevin McCarthy said that the full House would be voting on it next week. The Senate Finance Committee will start working on its bill next week, most likely on Monday. One of the first differences to come up was the plan of the Senate to delay in the slashing of the corporate tax rate to 20 percent from 35 percent until the year 2019. On the other hand, the House wants to cut the rate of tax immediately and also have the White House in its favor. Cutting the rate of corporate tax is actually the centerpiece of the plan of the GOP for lowering the rate of taxes and spur rapid economic growth. But the Senate is trying to limit the revenue impact for allowing a bill to be passed with just 51 votes and avoid a possible Democratic filibuster.

January 16, 2022 - 03:13
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