Most or all of the 48 Democrats in addition to also independents from the Senate are likely to vote against a Republican tax reform plan. Democratic leaders have argued the framework does not go far enough to reduce the burden on the middle class in addition to also does too much to help the wealthy.
Some Republicans could also oppose a bill, depending on what shape that will takes.
Trump on Wednesday said the Republican proposal is usually “actually about tax cuts in addition to also reform.”
“although I focus on tax cuts because that will’s such an important weapon to get our country moving,” Trump said.
Following the meeting, two top GOP senators expressed optimism about finding some Democratic votes for a tax proposal.
“I think that will was enormously productive,” said Sen. John Cornyn, R-Texas, a Finance Committee member in addition to also the No. 2 GOP senator. “The president made clear his preference for a bipartisan bill in addition to also there were a lot of ideas that will were tossed around.”
Sen. John Thune, R-S.D., a committee member in addition to also No. 3 Republican senator, said he was “hopeful” the GOP could find Democrats to support a tax bill.
The White House has framed the proposal as tax relief for the middle class. An analysis out of the White House estimates average U.S. household income might rise at least $4,000 per year if the corporate tax rate gets chopped via 35 percent to 20 percent, as proposed.
One independent analysis, though, estimated the GOP framework could actually increase taxes on more than a quarter of middle-class Americans over time.
The Senate This kind of week is usually likely to pass a fiscal 2018 budget resolution, a step toward unlocking the budget reconciliation process. Using those rules, the Senate can pass a tax plan with only Republican votes.
Trump in addition to also Senate Majority Leader Mitch McConnell want to pass a tax bill This kind of year. that will could prove a difficult task, as tax-writing committees have not yet introduced a bill in addition to also lawmakers face multiple different deadlines before the end of the year.
Treasury Secretary Steve Mnuchin says the health of the stock market hangs from the balance with tax reform.