- The Washington Times - Tuesday, April 25, 2017

Senate Majority Leader Mitch McConnell said Tuesday he expects to move forward on tax reform without any involvement from Democrats.

“Regretfully, we don’t expect to have any Democratic involvement,” the Kentucky Republican told reporters. “So we’ll have to reach an agreement among ourselves, which will require using a reconciliation vehicle.”

He said that in contrast to the Democratic party in the 1980s, which is the last time Congress passed broad tax reform, modern Democrats are preoccupied with “wealth transfer.”

Using reconciliation would allow Republicans to pass their package with a simple majority in the Senate, rather than try to win the support of at least eight Senate Democrats to overcome a possible filibuster.

But using the budget tool would also mean that lawmakers have to ensure the legislation does not add to the federal deficit beyond the time window in the bill.

Or, Republicans could pass a set of temporary tax cuts with a specific expiration date, which is what happened with the cuts shepherded by President George W. Bush and mostly extended under President Obama.

President Trump plans to roll out Wednesday more of what he wants to see in a tax package.

He has indicated he wants to see a 15 percent corporate tax rate, which would be an even bigger cut than the one included in House Republicans’ blueprint. The House GOP plan calls for cutting the corporate rate from 35 percent to 20 percent.



Click to Read More

Click to Hide