Kevin Lamarque / REUTERS
The Senate narrowly passed its tax plan early Saturday morning, after a marathon voting session overnight.
The bill, passed with solely Republican support, next heads to conference, where the House and Senate will work out the differences in their bills. The House bill also passed with no Democratic support. Sen. Bob Corker (R-Tenn.) was the only Republican to vote no on the measure.
The legislation was officially released only only shortly before the vote, giving the public little time to examine the final details., asking for more time to review the bill. Sen. Claire McCaskill (D-Mo.) claimed she was handed the amendments to be included in the bill not by any of her colleagues, but by a lobbyist. Lobbyists, her comment implied, saw the bill before Democratic members.
“Not a single member of this chamber has read the bill,” Sen Chuck Schumer (D-N.Y.) said on the Senate floor. “It would be impossible.”
The Senate bill permanently lowers the corporate tax rate from 35 percent to 20 percent. Tax rates will also be cut for individuals, though their tax cuts will expire after a decade. The Senate bill keeps the same number of individual tax brackets, although it changes what those brackets are.
The Senate bill also repeals the individual mandate under Obamacare, something conservatives in Congress have long wanted. The House version does not touch the individual mandate.
The Senate bill, like the House bill, limits state and local income tax deductions to property taxes, with a cap of $10,000. The Senate bill increases the child tax credit from $1,000 to $2,000.
Republicans — with the help of a tie-breaking vote from Vice President Mike Pence — approved a provision from Sen. Ted Cruz, R-Texas, that expands a tax break for 529 savings plans to K-12 schools. The Senate shot down an amendment From Sens. Marco Rubio, R-Florida, and Mike Lee, R-Utah, to further expand the child tax credit in exchange for a corporate tax rate increase from 20 percent to just under 21 percent.
The Senate bill is expected to add roughly $1 trillion to the deficit over the next 10 years, according to a congressional analysis. Republicans had, and there was some concern late Thursday the bill would be held up for fiscal reasons.
The bill’s passage is a major win for Republicans, who have been unable to pass significant or complex legislation since they controlled the House, Senate and White House in January.
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