taxes

Landmark GOP Tax Bill Poised for Final Passage
Measure may pass through both chambers before Christmas

Senate Finance Committee chairman Sen. Orrin Hatch, R-Utah, left, and Ways and Means chairman Rep. Kevin Brady, R-Texas, have steered a tax bill that would be the the first major tax overhaul in 30 years. (Photo By Tom Williams/CQ Roll Call)

Republicans late Friday unveiled their final plan to overhaul the tax code, a sweeping measure that aims to lower taxes on businesses and individuals, open up parts of Alaska to oil drilling and roll back a key piece of the 2010 health care law.

The massive measure is likely to pass both chambers early next week. Momentum for the landmark package grew throughout the day Friday, capped off with a surprise announcement from Sen. Bob Corker, R-Tenn., that he would back the final bill after opposing a previous version.

GOP Tax Bill Signed, Nearly Sealed and Delivered

Senate Finance Chairman Sen. Orrin G. Hatch, R-Utah, left, and House Ways and Means Chairman Rep. Kevin Brady, R-Texas, conduct the Senate-House Conference Committee meeting on the GOP tax bill. (Tom Williams/CQ Roll Call)

Republican tax writers signed off Friday on a compromise plan to overhaul the tax code, bringing House and Senate negotiations to a close and setting up final votes on the legislation early next week.

The tax conference agreement was set to be released Friday at 5:30 p.m. Some key details are already known, like a proposed corporate tax rate of 21 percent; a top individual rate of 37 percent; and a 20 percent deduction for “pass-through” business income.

Trump Bullish on Latest Version of GOP Tax Plan
On whether Moore should concede Alabama Senate race, Trump says, ‘Yeah, I would certainly say he should’

President Donald Trump, seen here during a visit with Senate Republicans in November, called the GOP tax plan “monumental” and predicted it would pass next week. (Tom Williams/CQ Roll Call file photo)

President Donald Trump said Friday he thinks the latest version of the GOP tax plan will  “do very well” when the House and Senate vote on it “as early as next week” after reviewing it. 

And on another congressional matter, Trump replied, “Yeah, I would certainly say he should,” when asked if Alabama GOP Senate nominee Roy Moore should concede his race to Democrat Doug Jones.

Revealed: An Exclusive Ways and Means Secret Tradition
Committee members whose names start with P have passed along guardianship of a cactus for 25 years

The Pease Cactus sits in the Rayburn Building office of Rep. Bill Pascrell, D-N.J., on Thursday after it was given to him by Rep. Pat Tiberi, R-Ohio. (Tom Williams/CQ Roll Call)

Congress is an institution full of secret traditions, but perhaps the most secret is the 25-year-old bipartisan one of handing down a cactus to certain members of the Ways and Means Committee.

Owners of the Pease Cactus, named for Ohio Democrat Don Pease and called the “Ps Cactus” for short, are an exclusive group of seven past and present committee members. So exclusive that Chairman Kevin Brady didn’t even know about the tradition until now.

GOP in Home Stretch on Tax Bill, Eyeing Senate Attendance

House Ways and Means chairman Rep. Kevin Brady, R-Texas, left, and ranking member Rep. Richard Neal, D-Mass., prepare for the Senate-House Conference Committee meeting on tax bill. (Tom Williams/CQ Roll Call)

Marco Rubio, Mike Lee Support for Tax Bill in Jeopardy

The House-Senate Conference Committee on tax overhaul is looking for the right combination of agreements to ensure passage. (Tom Williams/CQ Roll Call)

Sens. Marco Rubio, R-Fla., and Mike Lee, R-Utah, are withholding their support for the GOP tax bill in an attempt to bolster the child tax credit, a change that may be difficult amidst opposition from House Republicans.

The duo is hoping to make the credit fully refundable. The two senators, backed by top White House adviser Ivanka Trump, had previously succeeded in increasing the credit to $2,000 per child in the Senate-passed bill.

Pence Delays Trip to Preside Over Senate Tax Vote
Move signals GOP expects a close count

Vice President Mike Pence arrives at the Capitol to preside over the Senate and cast a possible tie-breaking vote on the confirmation of Betsy DeVos to be secretary of Education in February. (Bill Clark/CQ Roll Call file photo)

Vice President Mike Pence will remain in Washington next week to preside over the Senate’s vote on the Republican tax overhaul bill, his chief spokeswoman said, a signal GOP leaders expect to thread the needle.

“Yesterday the White House informed Senate Leadership that due to the historic nature of the vote in the Senate on tax cuts for millions of Americans, the VP would stay to preside over the vote,” Alyssa Farah, Pence’s press secretary, said in a statement. “The Vice President will then travel to Egypt [and] Israel where he’ll reaffirm the United States’ commitment to its allies in the Middle East and to working cooperatively to defeat radicalism.

Tax Bill Set to Move at Warp Speed to Trump’s Desk
Some hurdles still remain, but Republicans feel confident they have the votes

House Ways and Means Chairman Rep. Kevin Brady, left, and ranking member Richard E. Neal prepare for the tax bill conference committee meeting Tuesday. (Tom Williams/CQ Roll Call)

Don’t blink, because you might miss Congress passing a historic overhaul of the U.S. tax code.

House and Senate Republicans say they are nearing completion on a sweeping bill that would dramatically reduce the corporate tax rate, lower the top individual tax rate, nearly double the standard deduction, bolster the child tax credit and remove some breaks enjoyed by many Americans.

Capitol Ink | Tax Cut Christmas

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Roy Who? Trump, GOP Quickly Pivot From Alabama to Taxes
Democrats characterize Alabama result as repudiation of president

Republican Roy Moore rides his horse across a field on his way to vote at the Gallant Volunteer Fire Department in Gallant, Ala., on Tuesday. Moore lost to Democrat Doug Jones in Tuesday’s Senate special election in Alabama. (Bill Clark/CQ Roll Call)

Donald Trump and Republican lawmakers tried Wednesday to pin blame for Roy Moore’s special Alabama Senate race loss on the controversial former judge, but Democrats contend the president owns the bruising defeat after his full-throated endorsement. 

At the White House, the message was all about a GOP tax overhaul bill following Democrat Doug Jones’ stunning upset win in a state that had not put a member of that party in the Senate since 1992. On Capitol Hill, Republican members admitted relief that Moore would not be bringing his sexual misconduct allegations to Washington — and they asserted neither Trump nor the GOP were damaged by the Alabama race, despite the embrace of Moore by Trump and the Republican National Committee.