Senate Bill Hits Obstacle Over Deficit Concern

Senate Bill Hits Obstacle Over Deficit Concern

Tax reform hit quite the roadblock yesterday as parliamentary procedure wouldn’t allow the GOP’s deficit triggers to be implemented. The failure of the deficit triggers has Senate and Congressional Republicans walking back their initial plan of lowering the corporate tax rate from 35 to 20 percent. The Joint Committee on Taxation analysis suggested that, as is, the current Senate bill would add a trillion dollars to the deficit. This number concerns crucial Senate votes, including Sen. Bob Corker and Sen. Jeff Flake. Republican leadership was quick to try to lasso 50 votes before the Thursday vote was botched and rescheduled. Details of the new Senate tax proposal should come out very soon.

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