Congressional negotiators from both chambers have reached a deal on a tax plan, bringing Republicans a step closer to their goal of passing a sweeping tax overhaul before the end of the year, according to Orrin Hatch, the chairman of the Senate Finance Committee.
The House and the Senate hope they can pass a joint plan and send it to President Donald Trump’s desk before Christmas.
“I think we have a deal,” Hatch said, but he didn’t disclose any details about what would be included in the plan. Hatch expressed confidence that Republicans have the votes necessary to pass it.
According to a White House source, Republicans will most likely vote in the Senate first, then in the House, passing the tax deal next week.
“We’re very, very close to a historic legislative victory the likes of which rarely this country has ever seen,” President Trump said, adding that the GOP is “very close” to voting.
Senators Ron Johnson and Susan Collins, whose votes are crucial, said they would judge on the bill only after they see it.
The GOP deal includes a 21 percent corporate tax rate, starting in 2018, and a top individual tax rate of 37 percent, Fox News and other outlets report. The corporate alternative minimum tax, strongly opposed by the House, will not be part of the plan, sources say. In addition, the tax bill will include a repeal of the Obamacare individual mandate, originally included in the Senate version of the bill.
It is unclear if the final bill would expand state and local tax deductions beyond the limited $10,000 in property tax deductions proposed in the separate bills already passed by both chambers.
Democrats criticized the plan, arguing that it helps wealthy individuals too much while neglecting the middle class. They also maintained the final Senate vote on the bill must be delayed until Alabama Democrat Dough Jones is sworn into the Senate.
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