Full text: Republicans unveil their final tax bill

Republicans Say They Have a Deal on Taxes                 

     

     Carlos Barria

Marco Rubio (R-Fla.), another hesitant vote, confirmed his "yes" earlier Friday.

The Florida Republican has threatened to vote against the tax reform bill if the child tax credit is not expanded.

Sens. Susan Collins and Jeff Flake, who both supported the first bill in the Senate, have not yet said how they will vote on the combined bill. Republicans are running out of time to make the necessary adjustments to win back Rubio's support if they want to stick to their current timetable and pass the bill next week before disappearing for the holidays. And, Republicans had agreed to settle on a slightly higher corporate tax rate than their originally desired 20% rate.

"Pass-through" businesses that pay taxes through the individual side of the tax code would get a 20 percent deduction, and businesses would get to immediately write off investments for the next five years.

If passed by Congress, the changes would be in effect for 2018 taxes, with tax returns for 2017 unaffected.

Bernie Sanders, a leading liberal voice in the Senate who unsuccessfully sought the Democratic presidential nomination past year, called the bill "a moral and economic obscenity". He said he chose to support the bill now because the country is "better off with it" than without it.

The tax bill was at 51-49.

No Democrats are expected to vote in favor of the GOP tax plan, which has provoked months of nationwide protests. The bill would then go to the Senate. The Senate Republicans appeared to be in the red zone.

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The bill cuts the corporate tax rate from 35 percent to 21 percent, 1 percent less than the Senate and House proposals; and lowers the top individual income tax rate to 37 percent, which is less than the 38.5 percent in the Senate bill and the 39.6 percent in the House bill and current law.

The estate tax, long a target for elimination by Republicans, would be kept, Cornyn said, though the exemption would be doubled.

Since they swept to power in Washington in January, Trump and the Republicans have not managed to pass any major legislation, in particular failing on a healthcare overhaul, and have lost hard-fought elections in Alabama and Virginia, while Trump's public approval ratings are low.

The legislation rolls back taxes on individuals and businesses and would mark the biggest achievement for proponents of tax cuts in 30 years.

CFRA told clients to buy stocks with high tax rates that will gain from a corporate rate reduction.

The Dow Jones Industrial Average .DJI rose 0.58 percent to 24,651.74, the S&P 500 .SPX gained 0.90 percent to 2,675.81 and the Nasdaq Composite .IXIC rose 1.17 percent, to 6,936.58. The bill contains "safeguards" to ensure wealthy taxpayers are not able to disguise personal income as business income to get lower rates. Provisions for offsetting the revenue costs of last-minute changes were troublesome for some lawmakers.

"Sen. Rubio has consistently communicated to the Senate tax negotiators that his vote on final passage would depend on whether the refundability of the Child Tax Credit was increased in a meaningful way", said a spokesperson for Rubio. "This bill is far from flawless, and left to my own accord, we would have reached a bipartisan consensus on legislation that avoided any chance of adding to the deficit", Corker wrote, but nevertheless "I believe that this [is a] once-in-a-generation opportunity to make USA businesses domestically more productive and internationally more competitive".

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