Tax bill: Trump victory as Senate backs tax overhaul

President Donald Trump speaks via videoconference to U.S. troops from his Mar-a Lago estate in Palm Beach Fla. Nov. 23 2017

Senate Republicans delayed a final vote on an overhaul of the USA tax code late Thursday amid furious, behind-the-scenes efforts to fine-tune the legislation to satisfy a small group of fiscal hawks whose support is needed to pass one of President Donald Trump's core campaign promises.

The U.S. House of Representatives passed its own version of the Trump tax plan last month that must be reconciled with the new senate version in a conference committee before being signed into law. Above, the Capitol on Thursday. It was passed by 51 votes to 49, after a series of amendments in a marathon session. Bob Corker was the only Republican to vote against the bill, which, among other things, proposes to cut the corporate rate to 20% while changing individual tax brackets and significantly undercutting portions of the Affordable Care Act.

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On Friday evening, the text of the Senate tax bill was finally released to the public: almost 500 pages with multiple sections ambiguously crossed out or subject to modifications written in largely illegible handwriting. While Republican leaders and Trump administration officials promised as recently as three weeks ago that the bill would pay for itself with economic growth, the analyses have been universal: They have shown that the bill would add roughly $1 trillion or more to the federal deficit over 10 years, even when accounting for the growth. She said she anxious that repealing this fee would drive up insurance premium costs, canceling out gains from tax cuts that many constituents might get from the bill. Republicans have a 52-48 majority in the Senate.

The House passed a measure to do so earlier this year, but a similar bill failed in the Senate.

"The [JCT] score ends the fantasy about magical growth, about unicorns and growth fairies showing that tax cuts pay for themselves", Democratic Senator Ron Wyden of OR said. Another option would be to cut the corporate tax rate from 35 percent to 20 percent but then have that rate climb incrementally in later years, The Wall Street Journal reported.


The Congressional Budget Office estimated that as many as 13 million people in the US would become uninsured as a result of the repeal of the individual mandate.

The Maine Republican said she won an agreement to add a deduction for local property taxes.

'We have the votes, ' Senate Majority Leader Mitch McConnell said after a closed-door meeting of Republican senators.

The senator from Alaska will vote for the tax bill, she wrote on Twitter on Wednesday evening. "The Republican party will never again be the party of tax cuts for middle-class people", he warned.

Independent Senator Bernie Sanders was among the most vocal critics, declaring during the debate that the American treasury was "being looted". "You complain about process when you're losing and that's what you heard on the floor tonight". Republicans celebrated the step forward, saying that the bill will help to reinvigorate the United States economy.

Democrats were angry about the last-minute revisions, complaining that they had not been given enough time to digest the almost 500-page document, with handwritten changes to the legislation.

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