Senate approves budget outline pivotal for Trump's tax plan
The Senate Republicans have taken a significant step forward in their push for tax reform, as they approved a budget blueprint for the 2018 fiscal year. This move allows Republicans to pursue a tax-cut package without Democratic support, using a legislative tool called reconciliation, which enables them to move tax legislation through the Senate on a simple majority vote.
The budget measure, which is expected to add up to $1.5 trillion to the federal deficit over the next decade to pay for tax cuts, has been met with criticism from Democrats. Senator Ron Wyden, the top Democrat on the tax-writing Finance Committee, believes the Republican plan benefits the wealthy, raises taxes on some middle-class Americans, and increases the federal deficit.
Democrats are likely to oppose the Trump administration's tax plan, with Senate Majority Leader Mitch McConnell stating that the budget will deliver much-needed relief to American individuals and families. However, five of the six Democrats who are up for reelection next year in states that Trump carried in the 2016 election are open to working with Trump on taxes. These Democrats hail from states such as Nevada, Indiana, and Missouri, although specific names and explicit openness are not detailed in the provided search results.
President Donald Trump sought the support of these six Senate Democrats for his tax plan at a Wednesday meeting with Finance Committee members from both parties. The tax-cut package promises to deliver up to $6 trillion in tax cuts to businesses and individuals, with a key component being a reduction of the corporate income tax rate to 20 percent from 35 percent. The White House claims that this reduction would create jobs and boost wages for blue-collar workers.
The House budget resolution, on the other hand, calls for a revenue-neutral tax bill and includes $203 billion in spending cuts to mandatory programs including food assistance for the poor. The Senate version of the budget resolution instructs the Energy and Natural Resources Committee to save at least $1 billion over the next decade.
Senate Republicans are under pressure to pass tax reform, with Kentucky Republican Senator Rand Paul being the only GOP senator to vote against the budget measure. Negotiations on a unified measure could take up to two weeks, as both parties work towards a compromise. The stakes are high, as the success of the tax reform bill could significantly impact the economy and the political landscape leading up to the 2018 midterm elections.
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