House Republicans aim to unveil tax reform bill on Nov. 1, source says

Speaker Paul Ryan, R-Wis., conducts a news conference from the Capitol after a meeting of the House Republican Conference on October 24, 2017.

Tom Williams | CQ Roll Call | Getty Images

Speaker Paul Ryan, R-Wis., conducts a news conference from the Capitol after a meeting of the House Republican Conference on October 24, 2017.

President Donald Trump was attending the Senate GOP policy lunch on Tuesday afternoon following a fresh war of words with Sen. Bob Corker, R-Tenn. Corker, the Senate Foreign Relations Committee chairman, had already expressed concerns about deficits generated by tax cuts.

Once they Discharge the bill, Republicans will still have to overcome obstacles. Among those, some Republicans have already expressed concerns about the potential budget deficit generated by the plan.

The party has also struggled to find provisions to raise money to offset major individual in addition to business tax cuts without running into political opposition. Trump on Monday tweeted in which”there will be NO change” to the favorite 401(k) contribution benefit, a tool considered to help to offset the cuts.

The GOP has also faced opposition to a proposal to get rid of state in addition to local tax deductions. Those provisions affect high-tax blue states the most.

The Senate GOP will have to walk the same tightrope in which the item did when two high-profile attempts to repeal the Affordable Care Act failed earlier This specific year. The party can only lose two of its own votes in addition to still pass a plan. Concessions to some lawmakers could risk alienating others.

For instance, while Corker has sounded the alarm about deficits, Sen. Rand Paul, R-Ky., has raised concerns in which the proposal does not go far enough to reduce the tax burden on the middle class.

Paul previously cited an analysis via the Tax Policy Center in which estimated 28 percent of middle-income Americans could eventually see a tax increase under the plan.

— Reporting by CNBC’s Ylan Mui.

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