Ron Johnson (R-WI), who partnered with Sen. Considering its massive tax cuts for corporations and the wealthiest Americans, critics charge "this tax bill was written for Republicans' wealthy campaign contributors", and worldwide economists warn it will "turbocharge inequality in America".
Republicans lawmakers are working to bring the bill to a vote as early as next week to avoid running up against the December 22 deadline for passing a continuing resolution to fund the government. Both senators have missed votes this week for medical reasons.
"It would be wrong for Senate Republicans to jam through this tax bill without giving the newly elected senator from Alabama the opportunity to cast his vote", Schumer told reporters". Jones could be sworn in soon after Christmas, but that will more likely occur in early January. "According to media reports, the final legislation has already been completed".
The change from a 20 percent corporate rate to a 21 percent rate seems small, nearly insignificant, but it was a major red line for Republicans until now.
The Republican bill would maintain the existing seven individual and family income tax brackets with rates of 10, 12, 22, 24, 32, 35 and 37 percent. And the corporate alternative minimum tax (AMT) would be eliminated.
While she initially said she'd like to see both these bills pass before taking a final vote on the tax bill, she told Vox Wednesday it just needed to be done by the end of the year.
The BEAT provision would institute a method of calculating taxes that could cut the value of tax credits.
If Rubio and Lee band together, and if Corker remains a "no" vote - which he seems inclined to do - they have some leverage to make gains on their child tax credit proposal. Representatives of four renewable energy advocacy groups recently sent a letter to the Senate opposing it.
At the White House, Trump said he was confident that Congress would pass the legislation as early as next week. Specifically, he wanted to allow poorer households to receive a larger portion of the child tax credit as a cash refund, and he wanted the poorest working households to qualify for the refund ― which many don't now because their earnings are so low.
The tax extenders package would apply to a raft of technologies that were excluded in the 2015 deal that extended the PTC and ITC but removed tax credits for fuel cells, geothermal power, microturbines, and combined heat and power plants.
The total amount of tax breaks in the legislation can not exceed $1.5 trillion over the next decade, under budget rules adopted by the House and Senate. On Thursday, he told reporters that while he is officially undecided, "it'll be very hard to solve" his concerns that the bill will explode the deficit, and added that he also has concerns about the bill's corporate tax structure.
There are two more tepid "yes" votes in the Senate: one from Sen. Dean Heller (R-NV) and Rob Portman (R-OH) have also raised the possibility of including credits for the orphan technologies in a separate bill before year end, possibly the must-pass government funding legislation. Which ones would be immediate and which ones would phase in and out over time? The nuclear power industry is also looking for a 30% investment tax credit for nuclear plants, as well as an extension of a PTC for nuclear power. The legislation would add billions to the $20 trillion national debt. It's clear Republicans' revisions continue to focus on giving corporations and the wealthiest Americans the biggest tax cut under the assumption that they would then contribute more to the economy. And oil companies and other interests want to see a tax credit for capturing and sequestering carbon dioxide renewed.
In Washington, Republicans are closing in on passage of the most sweeping rewrite of the US tax code in a generation, and to Democrats and progressive activists, it seems clear the tax train is nearly certain to reach its destination, no matter how hard they try to stop it. Observers say the thinking is among Republican lawmakers is that they need a win and they can fix the mistakes later.
Leaders are still ironing out the details, but expect to unveil the full compromise bill this week.
Underscoring the just how fluid the situation is, Sen.
Sen. Marco Rubio (R-FL) is planning to vote against the Republican tax bill unless the child tax credit is expanded. If Republicans lose two votes the vice president would have to step in to break the tie.