If passed, the sweeping Senate tax bill would next need to be reconciled with a House version, a process leaders could expedite in a matter of days. Republicans and the White House sorely need a legislative victory to reflect their first year of control in Washington, and a landmark tax bill — which would dramatically lower the corporate tax rate and double the standard deduction for individuals — would provide that win. Just hours before the Senate vote, GOP leaders were still revising it, without support from Democrats and behind closed doors. Marco Rubio (R-Fla.) and Mike Lee (R-Utah) would increase the bill’s proposed 20% corporate tax rate to 22% to provide $180 billion over the decade to make a proposed $2,000 child tax credit fully refundable for low-income Americans. The current Senate bill is estimated to increase the deficit by $1.5 trillion over 10 years.

Source: Los Angeles Times November 30, 2017 16:52 UTC