Top Republicans said a massive tax plan is sure to pass Congress this week, with a vote as soon as Tuesday.
The Senate’s number two Republican said Sunday the $ 1.5 trillion bill is a done deal. “I’m confident we’ll pass this bill, probably on Tuesday,” Sen. John Cornyn (R-Tex.) said on ABC’s “This Week.”
A final version of the tax bill, agreed to by both House and Senate leaders, was released on Friday — centering around a huge cut to the corporate tax rate, which would go from 35% to 21%.
Republicans appear to have the votes to pass it — but were still working Sunday to sell it to American voters, who polls show mostly oppose it.
“You’re going to see happy days starting in February, where hardworking families see that they have more money,” Treasury Secretary Steve Mnuchin said on CBS’s “Face the Nation.”
The results for individual taxpayers in the legislation would be mixed. Most people would get a tax cut because it would lower some income tax rates and increase the standard deduction. But it would also eliminate or limit some popular tax deduction, meaning some families would see their taxes go up.
The final bill adds a last minute provision that would lower taxes on income earned through real estates LLCs — a break it is believed would help Sen. Bob Corker, a Republican who voted against the bill in the Senate but now says he’ll support the final version.
The provision, which was in neither the original House or Senate bills, would also help real estate honchos like President Trump.
Asked about the change, Cornyn attempted to blame Democrats, though the bill was negotiated entirely by Republicans.
“Well, our Democratic colleagues simply refused to participate in the process. We probably could have made it better if they had,” Cornyn said.
“What we’ve tried to do is cobble together the votes we needed to get this bill passed, at the same time, maintaining the integrity of the largest tax cuts we’re going to be seeing since 1986.”
But Sen. Chris Van Hollen (D-Md.) called the bill “a total betrayal of President Trump’s economic populist message on the campaign trail.”
“It’s a huge giveaway to big corporations,” he said on “This Week.”
The Joint Committee on Taxation projects the deal will increase the deficit by $ 1.46 trillion.
“You have got a lot of Republicans who used to care about the debt,” Van Hollen said. “Now they have blown a big hole in the debt.”
The final bill would cap at $ 10,000 the amount people can deduct from their federal taxes for state, local, and property taxes. Earlier versions would have eliminated the deduction altogether or allowed it only for property taxes. Currently, there’s no cap on the deduction.
“It is a dagger to the economic heart of New York,” Cuomo said Sunday on the John Catsimatidis AM 970 radio show. “They use New York and California and the other Democratic states as the piggy bank, the funding mechanism to fund the other states.”