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U.S. Senate passes budget bill; tax debate comes next

Friday, October 20, 2017 - 00:57

President Donald Trump’s drive to overhaul the U.S. tax code cleared a critical hurdle on Thursday when the Senate approved a budget blueprint for the 2018 fiscal year that will pave the way for Republicans to pursue a tax-cut package without Democratic support. Andy Sullivan has more.

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Senate Republicans clear a crucial hurdle on Thursday with a vote allowing them to cut taxes without Democratic support. The bill passing Thursday night after Senate Republican leader Mitch McConnell was able to scrap together a majority. Now the real debate begins. President Trump and Republican leaders are hoping to simplify the tax code by lowering rates and removing popular carve outs. But they're already at odds over whether wealthy families should get a tax cut and whether popular tax breaks should be preserved. And there are budget hawks like Senator Bob Corker of Tennessee who say they'll refuse to vote for any tax plan that would increase the national debt. The White House and Republican leaders saying that tax cuts will pay for themselves through faster economic growth - but independent tax experts saying that's not likely. The debate is certain to heat up as interest groups of all stripes mobilize to protect their perks.

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U.S. Senate passes budget bill; tax debate comes next

Friday, October 20, 2017 - 00:57